Picasso masterpiece smashes British record

The artist's portrait of Marie-Therese Walter, known as his 'golden muse', sold for £49.8 million at Sotheby's London on Wednesday evening

The artist's portrait of Marie-Therese Walter, known as his 'golden muse', sold for £49.8 million at Sotheby's London on Wednesday evening

A Picasso artwork has sold for nearly £50 million - the highest auction price for any painting ever sold in Europe in pounds.

The artist's portrait of Marie-Therese Walter, known as his 'golden muse', sold for £49.8 million at Sotheby's London on Wednesday evening.

The 1937 painting has never been sold on the market before, having previously been part of a private collection.

Femme au beret et a la robe quadrillee was painted in the same year as the artist's famous Guernica. 

After global interest four people battled it out for the 22-inch high artwork and it finally sold for £49.8m, making it the most expensive painting ever auctioned in the UK.  

It was bought by Gurr Johns, an art acquisition firm, who also forked out £22.8m on two

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