Picasso’s ‘Guitar on a Table,’ Long Held by MoMA, Sells for $37.1 Million at Sotheby’s

Pablo Picasso's 'Guitar on a Table' sold at Sotheby's Monday for $37.1 million

A foundation for CBS founder William Paley has started selling off a trove of masterpieces long lent to New York’s Museum of Modern Art to fund an expansion of the museum’s digital footprint—including a Pablo Picasso that sold Monday for $37.1 million.

The sale at Sotheby’s landed a week after Christie’s made auction history selling Microsoft co-founder Paul Allen’s $1.5 billion art estate. While Mr. Allen’s art , collectors and dealers say they will be seeking clues about the market’s broader strength during these remaining sales in New York’s fall series.

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