With the possible exception of Wal-Mart, the last place one would ever think to look for an original Picasso would have to be Costco. But that has changed.
Costco's online store sold an original Pablo Picasso crayon drawing last week for just under $40,000. The work was authenticated by Picasso's daughter and the buyer was provided with all the right documentation. The work was provided to Costco by a Florida dealer.
This is the second original Picasso sold by Costco. Last year, the same dealer provied the retail giant with another drawing that sold for $35,000.
Unlike e-Bay, Costco does not auction off its artworks. It simply puts a price on it and that is what the buyer pays. Coscto has been selling fine arts for some time on its web site. Not counting the occassional Picasso, prices range from $22 to $1,500 for a limited edition lithograph. Their artists include Marc Chagall, Amadeo Modigliani, Henri Matisse, Georges Braque and many others.
As you may know, Costco has a liberal return policy for everything it sells. If a buyer is not completely satisfied, he or she may return the item, without a receipt, and get a full refund. But, does that apply to $40,000 original drawing? Costco says, yes it does.
Some art dealers say they are uneasy about providing stores like Costco with original art works. They feel it would ruin their reputation to do so. Another dealer says the transaction begs the question whether a buyer could get it cheaper at Wal-Mart.
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