Picasso's 'Guitar on the Table' sold for $37.1 million at an auction

Pablo Picasso's 'Guitar on the Table', long exhibited at the Museum of Modern Art (MoMA) in New York, sold for $37.1 million.

The foundation, which was founded for William Paley, the founder of the CBS channel, has started to auction some of the artifacts in the museum in order to enlarge the 'digital footprint' of MoMA. 'Guitar on the Table' was "entrusted" to MoMA after Paley passed away in 1990.

While the 1919 Picasso painting was expected to sell for at least $20 million at an auction at Sotheby's on Monday, it was sold for $37.1 million as a result of two rivals raising the price.

From all sales made on Monday, the foundation reportedly earned $392 million in total.