L'Espera (Margot) [Waiting (Margot)]

Painting on panel (cardboard)Pablo Picasso

L'Espera (Margot) [Waiting (Margot)]

Style & Movement

Post-Impressionism / Proto-Fauvism (Early Paris Period)

Medium & Technique

Oil on cardboard. The technique utilizes heavy impasto and divided brushstrokes characteristic of Pointillism and Post-Impressionism, particularly influenced by van Gogh and Toulouse-Lautrec.

Creation Period

May-June 1901

Dimensions & Format

Approx. 69.5 x 57.5 cm (Portrait format)

Subject Description

The painting depicts a 'cocotte' or a woman of the night sitting at a table in a café. She wears an elaborate feathered hat and a bright red bodice, staring intently at the viewer. The background is composed of vibrant, multi-colored dabs of paint, suggesting a frenetic nightlife atmosphere.

Condition & Value Assessment

Condition Assessment

Excellent. Professionally maintained within a museum collection.

Estimated Market Value

$40,000,000 - $60,000,000 USD (Estimated based on rarity and significance of Picasso's 1901 Paris period works)

Auction Estimate

$35,000,000 - $55,000,000 USD

Provenance History

Formerly in the collection of Lluís Plandiura; acquired by the Barcelona City Council in 1932. Currently held in the permanent collection of the Museu Picasso, Barcelona.

Art Historical Significance

This work is a cornerstone of Picasso's arrival in Paris in 1901. It marks his transition from his earlier Spanish style into the vibrant, experimental phase that preceded his Blue Period. It was part of his landmark exhibition at Ambroise Vollard's gallery in 1901.

Notable Features

Features a prominent 'Picasso' signature in the lower left corner. The use of 'divided color' in the background shows a direct dialogue with Neo-Impressionism, but with a raw, expressive energy unique to the young artist.

Condition Issues

Minor stable cracking typical of oil on a cardboard support from the early 20th century; however, no significant losses or restorations are visible.

Conservation Recommendations

Maintain strictly controlled humidity and temperature to prevent the cardboard support from warping. UV-filtering glass and low-intensity LED lighting are recommended.

Identified on 4/26/2026