Bridget Bennett via Reuters

 MGM Resorts is selling its Picasso works that were inside the Bellagio hotel's Picasso restaurant. A number of important works from Steve Wyn’s private collection were auctioned off at his Bellagio Hotel in Los Angeles on Saturday evening, fetching more than $100 million for 11 Picasso pieces.

She made a point of emphasizing her intention to diversify her fine art collection.

The auction included nine paintings and two ceramic pieces by the Spanish artist, who died in 1973.

The collection spans more than 50 years of artistic production.

The 1938 painting Femme au béret rouge-orange, which depicts Picasso's mistress and muse, Marie-Thérèse Walter, fetched the highest price of the evening, $40.5 million. 

The collection was started more than 20 years ago by the American casino mogul Steve Wynn, the former owner of the Bellagio Hotel.

The Bellagio is an American luxury hotel located on the Las Vegas Strip. It is owned by MGM Mirage and built on the Dunes.

Themed after a famous town on Lake Como, the Bellagio is famous for its elegance. It is home to the Bellagio Fountains, which is a musical water jet show designed by WET Design. The main tower is occupied by 3015 rooms spread over 36 floors for a height of 151 m. The Spa Tower which is located south of the main tower has 33 floors, a height of 119 m and houses 935 rooms.

The Bellagio was designed by Steve Wynn
On October 15, 1998, just before 11 p.m., the Bellagio opened its doors. The casino wins $88 million on that first night. VIPs (Very Important Person) invited to the Bellagio's grand opening also have the opportunity to donate $1,000 per person or $3,500 per couple to the Fighting Blindness Foundation for the right to stay overnight in one of the suites.

 

The sale was part of an effort by the hotel to add more works by women, minority artists and those from emerging countries to the collection.

The names of the buyers have not been revealed.

The record for a Picasso is $179.4m, which was paid for his painting The Women of Algiers in 2015.