Picasso Artwork Discovered in Villa’s Basement Could Be Worth Millions

Over 60 years ago, an oil painting found by late junk dealer Luigi Lo Rosso in a dump on Capri might just be an original Picasso. If it turns out to be authentic, it could be worth around INR 55.59 crore (€6 million or $6.6 million), according to CNN. Lo Rosso was rummaging through a villa’s basement when he came across not one, but two canvases. Only one, however, bore the signature of the famous Spanish artist. He took that rolled-up canvas back to Pompeii, had it framed, and gifted it to his wife, not knowing the hidden value it might hold.

The painting shows Dora Maar, a French poet who was not only Picasso’s muse but also his lover, dressed in a blue dress with bold red lipstick. It wasn’t until the ‘80s that Andrea, Lo Rosso’s son, started to wonder about the painting’s origins. One day in school, he saw Picasso’s Buste de femme Dora Maar in a textbook and thought it looked familiar. This sparked his curiosity, and he persuaded his parents to look into getting it authenticated.

The family reached out to Italy’s Arcadia Foundation for assistance, known for evaluating, restoring, and attributing famous artwork. They also worked with Dr. Cinzia Altieri, a graphologist from a patrimony court in Milan, to officially register the painting. Since 2019, it has been safely stored in a vault. Just last month, Altieri confirmed that the portrait is indeed a Picasso.

Experts believe the painting could sell for millions in today’s art market. The next step for the family is to take it to the Picasso Foundation in Málaga for an appraisal. If it’s confirmed as an original, the value could skyrocket. For instance, another painting of Maar by Picasso sold for INR 797 crore ($95.2 million) at a Sotheby’s auction in New York in 2006. At that time, it was the second-highest amount ever paid for a piece of art at auction.