TAIPEI (Taiwan News) — Pablo Picasso's masterpiece "Woman with a Watch" is estimated to fetch NT$3.8 billion (US$120 million) at auction, the highest price ever paid for a work by the Spanish artist.

The oil painting, which was made in 1932, depicts Picasso's "golden muse" Marie-Therese Walter. It is one of a series of works that the artist created that year, which is known as his "The Year of Wonders."

Picasso was at the top of his career in 1932, and "Woman with a Watch" is one of his most iconic works. The painting is notable for its use of bold colors, fluid lines, and sensual forms.

The masterpiece will be offered for sale at Sotheby's New York on Nov. 9. It has finished preview in Taipei on Oct. 18.

The painting was previously owned by New York art patron and collector Emily Fisher Landau, who acquired it in 1968. Landau was a visionary collector who amassed a world-renowned collection of modern and contemporary art.

Also on offer at the Sotheby's auction are works by Mark Rothko, Andy Warhol, and Willem de Kooning. The collection is estimated to sell for over NT$12 billion.