With some of these latest high priced art sales you would never know the global economy was in a recession.

Sylvette, a piece by Picasso sold for an Australian record at A$ 6.9 million in Sydney.

“Sylvette is the title of the portrait of the young woman with the ponytail painted by Pablo Picasso. The Spanish painter met Sylvette David, a woman who worked in a pottery not far from his studio in Vallauris, in spring 1953. The attraction, which a face like Sylvette’s had for Picasso’s sensuality, motivated him to paint. Sylvette’s portrait from May 2, 1954 is one of the last of a long serial.”

This sale broke the previous record of $2.04 million for a 4 meter wide piece by Brett Whiteley.

Australia has been experiencing a year-long boom in art sales, driven by cashed-up collectors involved in the country’s China-driven mining boom.

“Rodney Menzies, the chairman of Menzies Art Brands, bought the Picasso two years ago for $4,608,000 and had tipped strong overseas interest in the painting from Asia and Europe.”

Sources: ArtNewsBlog Reuters Wikipedia