Picasso painting raises more than £13m for science

The sale of a Picasso masterpiece has raised more than £13 million for scientific research at the University of Sydney.

The portrait, painted by Picasso of his lover Marie-Therese Walter, was expected to sell for between £9 million and £12 million, but stunned patrons and staff at the auction house by fetching £13,481,250.

The painting was donated to the university anonymously on the condition that it was sold and the proceeds used to fund scientific research.

Director of Impressionist and Modern Art at the auction house, Giovanna Bertazzoni, said: “[The painting] was an absolute jewel of a painting by one of the great geniuses of Western art, bursting with colour and luring the viewer into the intimate sanctity of Picasso's love for Marie-Therese.

“We are thrilled to have realised a strong price for Sydney University's Picasso, especially knowing that the proceeds will benefit such a worthy cause.”

The university's vice-chancellor, Dr Michael Spence, said: “When they gave us this remarkable work our donor said 'this painting is going to change the lives of many people'.

“They were right. We are grateful for their extraordinary generosity and delighted with the outcome of the auction.”

The money raised will now go towards research into diabetes, cardiovascular disease and obesity.