
Image: Wikimedia Commons / Fair Use for educational purposes
View source →Pablo Picasso, 1932
Medium
Oil on canvas
Dimensions
130 × 97 cm (51.2 × 38.2 in)
Style
Surrealism
Decade
1930s
Also featuring Marie-Thérèse Walter, 'Le Rêve' (The Dream) is one of Picasso's most sensual and overtly erotic paintings, created during his Surrealist period. It depicts his young mistress asleep in a red armchair, her body composed of soft, undulating curves and painted in brilliant, harmonious colors. The face is famously split into two halves, one of which subtly forms an erect phallus, making the painting a direct and uninhibited manifestation of sexual desire, subconscious dreaming, and the Freudian undertones prevalent in Surrealism. The vibrant palette and fluid lines convey a profound sense of intimacy and vulnerability, capturing the essence of a private, dreamlike state.
Painted in a single afternoon in 1932, 'Le Rêve' is a testament to Picasso's rapid and intuitive creative process, deeply influenced by his passionate affair with Marie-Thérèse Walter. The painting's overt eroticism and dreamlike quality align perfectly with the themes of Surrealism, which explored the subconscious mind and primal desires. Its turbulent ownership history includes a famous incident in 2006 when owner Steve Wynn accidentally damaged the canvas with his elbow, scuttling a planned $139 million sale. After a meticulous restoration, the painting was eventually sold to hedge fund manager Steven A. Cohen in 2013 for $155 million, making it one of the most expensive Picasso paintings ever sold and solidifying its status as a masterpiece of modern art and a symbol of both artistic genius and human frailty.
Private Collection (Steven A. Cohen)
Private Collection — Not publicly accessible
2026 Estimated Value
$250–350 million (est.)
* Estimates are based on comparable auction results and market analysis. Not a formal appraisal.
Last Known Sale
$155 million
2013
Christie's (private sale)
Continue Exploring
Chosen for shared style, era, medium, subject, or date.

Nude, Green Leaves and Bust
1932 · same style · same era

Femme assise pres d'une fenetre (Marie-Therese)
1932 · same style · same era
Figures by the Sea (The Kiss)
1931 · same style · same era
The Red Armchair
1931 · same style · same era
Bust of a Woman
1931 · same style · same era

Girl Before a Mirror
1932 · same style · same era
If you love this surrealist period masterpiece, explore these curated books and resources on Amazon.
Picasso: A Biography by John Richardson
Comprehensive biography exploring Picasso's life and artistic evolution
The Weeping Woman Art Print
Striking Surrealist portrait from Picasso's emotional period
Picasso: A Life Documentary
Comprehensive documentary chronicling Picasso's entire artistic journey
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