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Wed 25 May 2016 01:39 PM

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Qatari royal's suit over Picasso 'Bust of a Woman' settled

Settlement between world’s biggest art buyers reportedly reached 'without costs to any party'

Qatari royal's suit over Picasso 'Bust of a Woman' settled

A settlement has been reached between a member of the Qatari royal family, Sheikh Jassim bin Abdul Aziz Al Thani, and New York–based billionaire Leon Black over a Picasso’s sculpture of then-mistress Marie-Therese Walter, ‘Bust of a Woman’, 1931.

The sculpture was under the possession of Maya Widmaier, the daughter of Picasso and Walter, for several years. Last year, gallery-owner Larry Gagosian claimed he agreed to buy the sculpture for $106 million to resell it to Black, according to Bloomberg.

The deal was put at risk, however, when Al Thani and the Qatar Museums Authority said they had already negotiated a deal with Widmaier’s son to purchase the sculpture in 2014 for $47.4 million.

The two sides filed their lawsuits this year in federal court in Manhattan.

“Having been reported to this court that these actions have been or will be settled, these actions are discontinued without costs to any party,” US District Judge William Pauley said in a three-paragraph order Monday.

The judge said either party can ask to reopen the suit within 30 days.

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