Peddling Picasso

PRECIOUS METAL Hey, Blago: If you really want to balance the budget, put this baby on the market.

Photo: Vanessa Valdovinos

Sure, the city’s sculptures have immeasurable cultural value, but let’s talk cash. Should the city decide to hock one of its most prominent pieces—say, the untitled Picasso (pictured, right) sitting in Daley Plaza—how much would it rake in on the open market? According to Farhad Radfar, the owner and director of MIR Appraisal Services Inc. (307 N Michigan Ave, 312-814-8510), enough to put a dent in even Donald Trump’s pocketbook.

“It’s a symbol of the city. It’s our Mona Lisa or Eiffel Tower,” Radfar explains. “It’s very hard to put a number on it. I would estimate $50 [million] to $75 million, but it wouldn’t surprise me if it sold for $500 million.”

Factors he considers when appraising any kind of art include size, originality, historical significance and prominence of the artist—they all play into a piece’s auction price tag, Radfar says. So does the cultural significance of the former owner.

“At Jackie Kennedy’s estate auction, one trash can sold for $12,000 just because of who it belonged to,” Radfar says. “[The Picasso] belongs to all of Chicago. International auction houses are going to fight for that with the last breath they have.”

If it’s public art, can the public sell it? We're the experts right? Check out the TOC blog at timeoutchicago.com/blog.

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