The Picasso was previously owned by Victor and Sally Ganz, who sold their collection at a Christie's auction in 1997 for more than $200 million. In that sale, "Femmes" was acquired for $31.9 million. That means if the painting fetch the estimated price it will be a more than four-fold increase in value over 18 years. That's nearly twice the gains of the stock market over the same period.
The painting will be offered in a special sale called "Looking Forward to the Past," which will be in addition to the auction house's usual spring sales.