The painting “Buste de Femme,” a late work by Pablo Picasso, was sold for €3.4 million at the Van Ham auction house in Cologne, Germany, from a private German collection.

Its estimated value ranged from €1.5 to €2.5 million. At first glance, the amount for which this portrait was sold may seem rather small, especially when  compared to the record-breaking $179.4 million (some €160 million) paid for Picasso's "The Women of Algiers" at a Christie's auction in 2015 in New York. However, according to experts, the later works of the artist are less valued in the international art market.

This is the first time in 25 years that a large Picasso painting has been auctioned in Germany, the Van Ham auction house said in a statement.