Looking to buy “Portrait of Angel Fernandez de Soto (The Absinthe Drinker)” by Pablo Picasso? Expect to shell out between $45-60 million when it hits auction this summer.

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 30-40 million pounds ($45-60 million), the highest pre-sale estimate for any work of art offered at auction in Europe. The June 23 auction follows a February sale at rival Sotheby’s where a Giacometti sculpture went under the hammer for $104.3 million, just beating the previous record for another Picasso that sold for $104.2 million in New York in 2004. – From Reuters