A Pablo Picasso masterpiece that the painter painted in 1903, during his Blue period, is set to go under the hammer soon, auctioneers Christie?s has announced.
The ?exceptionally important and highly celebrated? Portrait of Angel Fernandez de Soto, also known as The Absinthe Drinker, shows de Soto, a painter who shared a studio in Barcelona with Picasso, sitting languidly with a glass and a pipe.
Lord Lloyd-Webber?s Foundation bought the painting, that has for long been a subject of a legal battle over how it came to be sold during the Nazis rise to power in Germany, in 1995 for 19 million pounds and it was exhibited at the National Gallery and the Royal Academy.
Four years ago the foundation decided to sell it and donate the proceeds to arts charities.
Jussi Pylkkanen, president of Christie?s Europe, Russia and the Middle East, said: ?This is one of the most important works of art to be offered at auction in decades.
?The opportunity to acquire such a masterpiece is sure to prompt great excitement among collectors and institutions around the world.
The market for Picassos has grown considerably since the foundation bought the painting, experts say. Three of his works have each fetched 32 million pounds or more.
In 2004 the Rose Period?s Garcon a la Pipe – painted two years after Portrait of Angel Fernandez de Soto – became the first painting to sell at auction for more than 100 million pounds, the Daily Mail reported.
The painting is expected to fetch up to 40 million Pounds.