Lloyd Webber puts a Picasso up for sale

Christie's has put a record price tag on an important Picasso painting from his celebrated Blue Period that will be offered for sale in London in June. Portrait of Angel Fernandez de Soto (The Absinthe Drinker), dated 1903, is expected to fetch £30 million to£40m (Dh169m), the highest pre-sale estimate for any work of art offered at auction in Europe.

Yesterday's announcement of the June sale underlines growing confidence in the art market. The Picasso is being offered by composer Andrew Lloyd Webber and the proceeds will go to his foundation in Britain.