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The auction house said it was the most valuable work of art it had sold in Europe – but it is the 44th most expensive painting sold worldwide.
A Caravaggio painting considered to be the most valuable work of art in Ukraine was recovered in Germany, two years after it was stolen from a museum in Odessa, Reuters reported.
In February, Portrait of George Dyer Talking sold in London for £42m, setting an auction record for a portrait of Dyer, and the most valuable work of art that Christie's had sold in Europe.
The painting, which was stolen from a Polish museum in 1943, was hardly the most valuable work of art lost, with an appraised value today of no more than $22,000.
"We are pleased to have played a role in securing this valuable work of art by the celebrated artist, Pablo Picasso, on behalf of the Italian government," Preet Bharara, the US Attorney for the Southern District of New York, told ArtDaily website.
In a case in which they represented a man accused of stealing a valuable work of art, Mr. Putzel said, prosecutors showed that the man had taken the stolen piece to an auction gallery and then provided his own name for payment.
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For a fortnight they occupied the city and systematically plundered it, carrying off many valuable works of art.
Until recently he lived in an apartment so small he had to store valuable works of art in boxes.
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