Pablo Picasso Auction in Sydney A Pablo Picasso painting is being auctioned this week in Sydney, Australia at Deutscher-Menzies. The 1954 work titled "Sylvette" is expected to set a record for a painting auctioned in Australia with an estimate of between $5,000,000 and 7,000,000.

The owner of the painting, who also happens to be the chairman of the Menzies Art Brands company paid about $4.6 million for the Picasso painting in 2006.

Most people with a Picasso to put on the auction block send it to London or New York to attract international buyers. Rodney Menzies not only hopes that he will get a good price for his Picasso painting in Sydney, but that he will also put the international spotlight on his auction house.

Menzies said "We see Sydney positioned in the southern hemisphere as New York is positioned in the northern hemisphere."

Update: Pablo Picasso's portrait of Sylvette David sold for $6.9 which includes a 20% premium on the hammer price of $5.75 million. This breaks the record of $3.48 million for a painting sold at auction in Australia (Brett Whiteley's "The Olgas For Ernest Giles" painting).

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