The art world is in the money once again. A 78-year-old Pablo Picasso painting titled "Nude, Green Leaves and Bust" just sold at Christie's last night for a record $106.5 million, though the auction house only expected around $70 million. The bidder is undisclosed, and called in to the Rockefeller Center salesroom. The painting is 5-by-4-foot and depicts Picasso's blond mistress, Marie-Therese Walter. Dealer Daniella Luxembourg told the Wall Street Journal she was surprised it took over the initial estimate, but that "the purchase reflected the market's volatile mood. 'This is a fantastic picture, but the market also wants trophies right now.'" Wonder how much the blowjob painting he denied having anything to do with would go for? (Currently it's hanging at the Met.) more ›

Pablo Picasso denied ever having painted this "Erotic Scene" piece (pictured), telling his friend, and author Pierre Daix, "I’ve done worse. But it was a joke by friends.” But he probably never counted on future experts having the capabilities of finding out if the sexually charged painting was indeed the work of Picasso's own hands. And it seems that it is! more ›

The Museum of Modern Art and Guggenheim worked out an agreement with a German art collector's heirs right before the case was headed to jury selection. This allow the MoMA to keep "Boy Leading a Horse" (1905-1906) and the Guggenheim "Le Moulin de la Galette” (1900; pictured). Bloomberg News reports, "Both paintings had been in the private collection of Paul von Mendelssohn-Bartholdy, a German Jewish banker, who died in 1935. The plaintiffs claimed in the suit that the paintings were sold under duress and should be returned to the family." The family had argued the paintings' transfer to Mendelssohn-Bartholdy's second wife was not legal; the museums said they were a gift to her and that they acquired them properly. The settlement was not disclosed, but Judge Jed Rakoff, who allowed the case to move to trial, believes it should be out in the open, "The public surely would want to know now and forever which of those diametrically different views was true, and the great crucible of a trial would have made that known." more ›

Later today, the city will discuss whether the I.M. Pei-designed Silver Towers should be landmarked. The Observer reported that NYU announced its support today, a reversal from an earlier position over three years ago. more ›

"Good artists copy, great artists steal," quipped Pablo Picasso. Seemingly taking direction from the famous painter, two of the most prestigious art museums in New York have ironically similar exhibits featuring Picasso's works: The Whitney Museum of American Art has Picasso and American Art, while the Guggenheim Museum has Spanish Painting from El Greco to Picasso. Although the focus on place and the consortium of artists are different, both museums are strikingly similar in that they hang Picasso's works side-by-side with other artists' paintings to explore their similarities. more ›