GUY
HEPNER
Market Intelligence 2026
Pablo Picasso
Dora Maar
Etching
Public-market record, relative value and collector decision framework.
Pablo Picasso · 1938 · Bloch 308 State I: etching on copper; State IX: etching
Prepared for collector, adviser and investor review · Data through July 30, 2026
A defined market, supported by work-specific evidence.
Primary-Source Sales
5
Top Result
$87,500
Average Realised
$67,661
Date Range
2009–2023
The Object
Dora Maar by Pablo Picasso — an edition with institutional recognition across international auction platforms.
The Market
5 primary-source results since 2009. Consistent collector demand with a 2009–2023 price series.
The Evidence
Results span 4 auction venues, providing a robust multi-house price series for direct comparison.
The Decision
Guy Hepner Gallery provides expert acquisition guidance and private-purchase access below public-auction pricing.
Pablo Picasso
Dora Maar
- Artist
- Pablo Picasso
- Year
- 1938
- Medium
- Bloch 308 State I: etching on copper; State IX: etching, aquatint, scraper and engraving
- Series
- Etching
Reference image
Primary-source results, verified and documented.
| Date | Venue | Estimate | Result | Seller Net * |
|---|---|---|---|---|
| Oct 29, 2009 | Sotheby's | $25,000–$35,000 | $68,500 | $44,525 |
| Nov 3, 2014 | Sotheby's | $30,000–$50,000 | $87,500 | $56,875 |
| Jun 11, 2022 | Ketterer | $19,040–$25,387 | $66,113 | $42,973 |
| Mar 16, 2023 | Christie's | $30,161–$42,226 | $53,204 | $34,583 |
| Jun 16, 2023 | Kornfeld | $56,121 | $62,990 | $40,943 |
* Seller net based on 65% of hammer price — indicative only; auction house terms vary. ★ Guy Hepner Gallery private sale; not a public auction result and excluded from statistical analysis.
Reading the Ledger
Results are premium-inclusive buyer-cost figures. Estimates exclude buyer's premium. Hammer is shown where publicly available. Only verifiable primary-source results are included.
Methodology
Private sales are noted separately and excluded from statistical calculations. Prices are reported in USD at fixed exchange rates for comparative clarity.
Price series reveal the market signal clearly.
USD Price History — Maximum Realised Per Year
Individual Sale Results — USD (Dots)
By Auction House
Estimate Midpoint vs Realised — USD
Pablo Picasso's Dora Maar has achieved 5 auction results since 2009, demonstrating…
Pablo Picasso's Dora Maar has achieved 5 auction results since 2009, demonstrating consistent collector demand across major international houses. With an average realised price of $67,661, this work occupies a strong position within the secondary market for Pablo Picasso.
The top recorded result of $87,500 at Sotheby's in 2014 reflects the sustained institutional appetite for this edition. Results have been achieved across multiple major auction platforms, underscoring the work's broad international appeal and liquidity.
Market analysis indicates sustained collector interest and consistent liquidity across major international markets, positioning Dora Maar as a compelling consideration for collectors seeking both aesthetic value and market confidence within the blue-chip print market.
Guy Hepner Gallery specialises in authenticated Pablo Picasso works, offering expert provenance research and acquisition services. Our team of specialists can advise on current market positioning and acquisition strategy for this and related editions.
Disclaimer: This report is provided for informational and research purposes only and does not constitute financial, investment, legal, or tax advice. Auction records are sourced from publicly available third-party data and may be incomplete or subject to error. Past auction results are not indicative of future value, performance, or liquidity. Estimated values and market commentary reflect general secondary-market trends and are not appraisals. Guy Hepner Gallery makes no representations or warranties, express or implied, regarding the accuracy, completeness, or fitness for any particular purpose of the information contained herein. Guy Hepner Gallery may hold, have held, or seek to acquire positions in works by the artists covered in this report. This report is intended solely for the private use of the recipient and may not be reproduced or redistributed without prior written consent.
Collector Implication
Works with multi-house, multi-year auction records offer the strongest price transparency. This edition benefits from verifiable international comparables across major platforms.
Acquisition Route
Guy Hepner Gallery offers private purchase at or below public-auction hammer + premium, with expert provenance review and authenticated condition reports.
Pablo Picasso
Pablo Picasso (1881–1973, born Málaga, Spain) is the most productive and formally transformative artist in the history of Western art — a figure whose influence on twentieth-century painting, sculpture, printmaking, and ceramics is so pervasive that it remains, more than fifty years after his death, genuinely difficult to assess. Born in Málaga to an art teacher father who…
View all Pablo Picasso works →