For more than eight decades, a vivid portrait painted by Pablo Picasso in the midst of World War II remained hidden from public view, locked away in a private French collection. On October 24, 2025, that secrecy finally ended. In a packed auction room at Paris’s historic Hôtel Drouot, the painting—Bust of a Woman with a Flowered Hat (Dora Maar)—sold for a staggering €32 million (about $37 million), instantly becoming the highest art sale in France this year and the second-highest price ever achieved for a Picasso work in the country, according to the Associated Press and Gazette Drouot.
The painting, completed in July 1943, captures Picasso’s muse and companion Dora Maar in a state of restrained melancholy. Measuring 80 by 60 centimeters, the oil-on-canvas work is signed and dated, and had never been publicly exhibited before the auction. Its only documentation prior to the sale was a black-and-white photograph taken in Picasso’s studio by the photographer Brassaï, as well as a reproduction in Christian Zervos’s catalogue raisonné. For art historians and collectors, the painting’s emergence is nothing short of a sensation—a rare reappearance of a previously unseen Picasso after decades in private hands.
According to Reuters, the painting was acquired by a French family in August 1944, just after the liberation of Paris. It remained in their possession for more than 80 years, passed on by inheritance to the current heirs. The decision to sell was driven by the practicalities of dividing the estate; as art expert Agnès Sevestre-Barbé explained, the painting "could not be physically divided among them."
The auction itself was a spectacle. The work was initially estimated at just €8 million—already a hefty sum—but as the bidding commenced, the price soared. Bidders from across the globe, both present in the room and participating by phone, drove the final figure to €32,012,397. Eighteen determined collectors from Europe, Asia, and the United States vied for the piece over an intense 35-minute contest, with an international buyer in the room ultimately claiming victory. The atmosphere, as described by Drouot auctioneer Christophe Lucien, was "feverish and highly attended," and the event was broadcast live on the Hôtel Drouot platform, drawing a worldwide audience.
"It’s without a doubt the most moving work of Picasso that involved his muse, because he was about to leave her (Dora Maar) for (French painter) Francoise Gilot," Lucien told AFP. "And through this portrait, we see a woman who holds back her tears. So it’s lucky for an auctioneer to have a piece of art history before their own eyes." Sevestre-Barbé, the specialist overseeing the sale, called it "a true Mona Lisa of the 20th century," adding, "the international bidding confirmed the universal appeal of the work – and I am delighted that this sale took place at the Hôtel Drouot. It shows that Paris remains an essential destination for the art market."
The painting’s historical and emotional resonance is unmistakable. Created during the German occupation of Paris, it belongs to Picasso’s celebrated "Women with Hats" series and marks a pivotal moment in his relationship with Dora Maar. Unlike Picasso’s more tormented renderings of Maar—such as the famous The Weeping Woman—this portrait is softer and more introspective. Maar’s face, both serious and serene, is topped with a brightly colored flowered hat, her melancholy palpable yet dignified. The painting’s preservation in its original state—never varnished or restored—has maintained the "intensity of its colors and the freshness with which it left the artist’s studio," Sevestre-Barbé noted during a public presentation in September.
Dora Maar, born Henriette Théodora Markovic, was far more than a muse. She was a major figure in Surrealism, a photographer, painter, and poet in her own right. Her relationship with Picasso, which spanned nearly a decade from 1936 to 1945, was both creatively and personally significant. Maar famously documented the creation of Picasso’s anti-war masterpiece Guernica in 1937, and her image inspired over 60 works by the artist, including some of his most iconic portraits. Their affair, conducted almost entirely in Spanish, helped rekindle Picasso’s creative spark, but its tumultuous end contributed to Maar’s struggles with depression. As AFP reported, Picasso’s personal life was often marked by heartbreak and tragedy for his partners, with two—Marie-Thérèse Walter and Jacqueline Roque—ultimately dying by suicide.
For the art market, the sale is a major event. Paris, often overshadowed by auction powerhouses in London and New York, has reasserted itself as a key center for high-profile sales. As Olivier Lange, CEO of the Drouot Group, put it, "Since 1852, the Hôtel Drouot has been the place where the most beautiful pages of the art market are written. This sale is a new illustration of that legacy." The painting’s price, while extraordinary, falls short of Picasso’s record-breaking works—Woman with a Watch sold for $139 million and Women of Algiers (Version O) fetched $179 million. Still, the €32 million figure dwarfs recent Picasso sales, such as the $15.1 million achieved for Homme assis in May 2025 at Sotheby’s New York, and easily surpasses the previous French record set by Les Noces de Pierrette in 1989.
Interest in Picasso’s works remains a bellwether for the broader art market, which has faced headwinds in recent years. Sales of Picasso pieces totaled $223 million in 2024, down from $597 million in 2023, according to consultancy Artprice. Yet, the feverish competition for Bust of a Woman with a Flowered Hat suggests that demand for rare, high-quality works by blue-chip artists remains robust—especially when a piece with such a storied provenance and emotional depth appears unexpectedly on the market.
The sale also arrives amid a season of blockbuster auctions. Earlier in October, Sotheby’s announced a private collection featuring works by Andy Warhol and Picasso valued at over $600 million, the highest estimate ever for a collection to come to auction. According to Charles Stewart, Sotheby’s CEO, "There can be no doubt that this sale will captivate top collectors from around the world and that it will make history as a defining moment in the art market."
As for the new owner of Bust of a Woman with a Flowered Hat, their identity remains a mystery. But the painting’s journey—from Picasso’s wartime studio, through decades of secrecy in a Paris apartment, to the global spotlight of a record-setting auction—has already secured its place in the annals of art history. For collectors, historians, and admirers alike, the rediscovery of this poignant portrait is a reminder of art’s enduring power to surprise and move us, even after the passage of generations.
