Les Noces de Pierrette is a painting by the Spanish artist and sculptor, Pablo Picasso

Pablo Picasso

Pablo Diego José Francisco de Paula Juan Nepomuceno María de los Remedios Cipriano de la Santísima Trinidad Ruiz y Picasso known as Pablo Ruiz Picasso was a Spanish expatriate painter, sculptor, printmaker, ceramicist, and stage designer, one of the greatest and most influential artists of the...

. Painted in 1905, during Picasso's Blue Period

Blue Period

The Blue Period is a term used to define to the works produced by Spanish painter Pablo Picasso between 1901 and 1904, when he painted essentially monochromatic paintings in shades of blue and blue-green, only occasionally warmed by other colors...

; a time when the artist faced poverty and depression following the suicide of his friend Carlos Casagemas in 1901.

Sales history

The painting was acquired in 1907 by Josef Stránský

Josef Stránský

Josef Stransky was a Czech conductor, composer, and art collector/dealer who moved to the United States and conducted the New York Philharmonic from 1911 to 1923.-Biography:...

, an art dealer and a friend of Picasso's. From 1945 to 1962, the painting was owned by Picasso's son Paulo Picasso.

It then changed hands to the Swedish born, Swiss based financier Frederick Roos who donated it to the French Government. The French Government held on to the painting until it was sold at Binoche et Godeau in Paris

Paris

Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...

 on November 30, 1989. The buyer, Tomonori Tsurumaki, a real-estate developer, investment banker and owner of Autopolis

Autopolis

Autopolis is an international racing circuit located near Kamitsue village in Ōita Prefecture, Japan . Opened in 1990, it hosts a range of domestic and international motorsport events throughout the year. Although the track meets a high standard in terms of its facilities, it has never hosted a...

 racetrack, purchased the painting for the sum of $51,670,000, making it one of the world's most expensive paintings.

With the collapse of Tsurumaki's company, Nippon Tri-Trust, the painting ended up in the hands of the construction company Hazama

Hazama

, or , is one of the 10 biggest construction companies in Japan. It has a presence in Asia, the USA, Mexico and Central and South America. Hazama was established in 1889.-Selected Projects:*Tokyo's Ginza Subway Line *Subic-Clark-Tarlac Expressway...

, which had constructed Tsurumaki's racetrack. Hazama, having run into financial difficulties, put the painting up as collateral when the firm took a loan from Lake Credit Company. Thus, Lake Credit Company came into possession of Les Noces de Pierrette. When Lake Credit Company sold its stake in the mainline consumer loan business to GE Capital

GE Capital

GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....

, Les Noces de Pierrette (along with 500 other paintings worth approximately $200 million) became the property of GE Capital. Presently, Les Noces de Pierrette is secured in the vault of Mitsui Trust Bank.