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Julian Schnabel's Palazzo Chupi Gesamtkunstwerk is about to lose one of the signature pieces that make it so...kunstwerky. A tipster just pointed us to a story from last week's Times Art & Design pages (sorry, uncultured swine like us tends to miss these things) which reports Schnabel is auctioning a late-period Picasso to pay down his Chupi debts. "Femme au Chapeau" formerly hung in Schnabel's living room. The creative ways in which he financed the Chupster were revealed a couple months ago, and Schnabel says the Picasso sale (it's expected to fetch $8-$12 million) will satisfy one of his loans. [NYT, previously]

Palazzo Chupi

360 W 11th St, New York, NY 10014