Yesterday at Christie's, a late-period Picasso painting titled "Femme au Chapeau" (or "Woman Wearing a Hat" for all you freedom-fry eaters) was auctioned off by Julian Schnabel in an effort to pay down some of the debts created by the construction of his pink palazzo in the West Village. The painting?taken right off the wall of Schnabel's living room?was expected to fetch over $8 million, but it ended up selling to an art dealer for $7.7 million, which includes Christie's hefty commissions. That's still a decent chunk of change?at least enough to keep the pool boy employed through the summer. [NYT; previously]
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