New York's auction house, Christie's, is in for a windfall this spring art season. One of Pablo Picasso’s iconic work of art, a portrait of his muse and lover, Marie-Thérèse Walter, painted during the maestro’s so-called “year of wonders” is set to be the artwork that kickstarts the spring auction season and cement the rejuvenation of the global art market after the devastating effect of last year’s pandemic and subsequent lockdown.

The painting—Femme assise près d’une fenêtre (Marie-Thérèse)—30 October 1932 (1932) is projected to fetch up to $55 million at Christie’s in its 20th-century evening sale in New York on May 11.

“As one of the most groundbreaking and influential artists of the 20th century, it is only fitting that this exceptional painting will lead the inaugural newly formatted 20th-century art evening sale at Christie’s,” Vanessa Fusco, the co-head of Christie’s 20th-century department, said in a statement.

The painting depicts Marie-Thérèse—who was only 17 when she met the 45-year-old Picasso in 1927—wearing bright red and green, her limbs painted a soft lilac hue, sitting by a window. Her outsize head accentuates her Grecian profile, with a splash of golden yellow indicating blonde hair.

Picasso created several paintings of Marie-Thérèse during his 'Year of Wonders', numbering up to 100 artworks. Many of the artworks portrayed his young muse in almost nude or partially dressed poses, asleep or in repose positions.

What makes the Femme assise près d’une fenêtre (Marie-Thérèse) even more monumental is the date it was painted.  It was painted in Picasso’s Château de Boisgeloup in Normandy in October 1932 and was one of a series of portraits of Marie-Thérèse that was last on view to the public at the 2017–18 exhibition, “Picasso, 1932: Love, Fame, Tragedy”, at Tate Modern and the Musée Picasso in Paris.

Starting off the spring art auction season with this Picasso’s masterpiece is even more auspicious for the art market as the overall art trade dipped by about 25 percent last year, with the hardest-hit sector being Impressionist and Modern art. According to Artnet News’s Spring Intelligence Report, sales of works valued above $10 million shrank by 41 percent in these two sectors.

With an estimate in the range of $55 million and a third-party guarantee, this painting is set to out-bid any Picasso work brought to market in 2020. Coupled with Sotheby’s recent announcement of a Basquiat painting that could fetch up to $50 million, this is a sign of the return of the art market’s confidence and a forerunner for a busy Spring Art season.