Picasso auction may set Australian record

Kensington,Australia -- A 1954 work by Pablo Picasso could set an Australian record for a painting when it goes on the auction block, officials say.

Menzies Art Brands Chairman Rodney Menzies, whose company is auctioning off the Picasso work, said the sale could set an Australian record based on a rising interest in Picasso's works, The Melbourne Sun-Herald reported in its Sunday edition.

The record for an auction sale of a painting was set last year when Brett Whiteley's painting, The Olgas For Ernest Giles, went for $3.48 million.

Picasso's Sylvette painting is expected to sell for between $5 million and $7 million at Wednesday's auction, the Sun-Herald said.

Menzies told the newspaper he is hopeful the auction will help Sydney become a major player in the global art community.

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

Copyright 2008 by United Press International.