Lucian Freud’s Portrait of His Daughter Debuts at Auction With an Estimate Over $18 Million

A portrait Lucian Freud painted of his daughter Isobel in 1997 will make its auction debut on March 1 at Sotheby’s London, with an estimate of between £15 million and £20 million (US$18 million and US$24 million).

Painted over a year with more than 70 sittings, the portrait depicts Isobel Boyt, known as Ib to her family, reading Marcel Proust’s 4,000-page novel Remembrance of Things Past, wearing a loose dress, with her bare feet up on a chair and the book in her lap.

The portrait, aptly titled Ib Reading, was acquired by a private collector shortly after its creation and has remained in the same collection since. It was last seen publicly more than 20 years ago in an exhibition in New York, according to Sotheby’s.

The portrait will be offered as a highlight of Sotheby’s evening auction of modern and contemporary art.

Other star lots of the sale include Pablo Picasso’s portrait of his daughter, Maya, formerly owned by Gianni Versace and estimated to sell for between £12 million and £20 million; a newly restituted painting by Wassily Kandinsky, Murnau mit Kirche II, which is expected to fetch in the region of £35 million; and one of Gerhard Richter’s Abstract masterpieces, Abstraktes Bild, estimated in excess of £20 million.

Freud’s Ib Reading is one of five painted portraits of his daughter. The first was Large Interior, Paddington (1968-69), which was made when Isobel was just seven years old. The portrait is now in the collection of the Museo Nacional Thyssen-Bornemisza in Madrid, Spain, which is hosting a major retrospective of the artist, Lucian Freud: New Perspectives, until June.

In 1992, Freud also painted Isobel with the father of her children, while she was pregnant with her youngest daughter Alice.

“My father never chose the pose of his sitters. He would often make suggestions, but he never said, ‘I want you wearing this and sitting there’. There were limited possibilities with the studio too,” Isobel, 60, said in a statement through Sotheby’s.

Reading the novel Remembrance of Things Past while sitting for her father was her own choice, she said in the statement. “I wished to read. It was something I normally wouldn’t have time to do with three young children. It was an opportunity,” she said.

Freud’s auction record was set by his painting Large Interior W11 (After Watteau), 1981-83, which sold from the collection of Paul Allen for US$86.3 million last November at Christie’s in New York.

Bhutan has become the first country in the world to implement a national-level cryptocurrency payment system for tourism, marking a major milestone in digital innovation and travel.

Launched in partnership with Binance Pay and Bhutan’s fully digital DK Bank, the system enables travellers with Binance accounts to enjoy a seamless, end-to-end crypto-powered journey. More than 100 local merchants, from hotels and tour operators to small roadside vendors in remote villages, are already live on the system.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, Director of the Department of Tourism, Bhutan.

“It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.”

Using supported cryptocurrencies, tourists can now pay for nearly every part of their trip, including airline tickets, visas, the Sustainable Development Fee (SDF), hotel stays, monument entry fees, local guides, and shopping, all through secure static and dynamic QR code payments.

Binance CEO Richard Teng praised the move, saying: “We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies. This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.”

Known as the “Kingdom of Happiness,” Bhutan has long prioritised Gross National Happiness over GDP, with a strong focus on sustainability, cultural preservation, and societal well-being. The new system aligns with these values by reducing payment friction and bringing financial inclusion to local communities.

Among the key features of the system:

Seamless Experience: Tourists can pay with crypto for all travel-related expenses.
Inclusive Reach: Small vendors, even in remote areas, can accept QR code payments.
Lower Fees: Transactions cost significantly less than traditional payment methods.
Comprehensive Support: More than 100 cryptocurrencies supported, including BNB, BTC, and USDC.
Secure and Instant: Real-time confirmations, 2FA, and encrypted transactions via the Binance app.

Behind the local settlement mechanism is DK Bank, Bhutan’s first fully digital bank. Licensed by the Royal Monetary Authority of Bhutan, it aims to deliver accessible financial services to all, including marginalised and unbanked communities.

The launch is being hailed as a bold step forward in integrating digital finance with global tourism — one that could set the benchmark for other nations looking to modernise the travel experience while empowering their local economies.

Lucian Freud’s Portrait of His Daughter Debuts at Auction With an Estimate Over $18 Million

Bhutan is pioneering a new frontier in travel by allowing tourists to pay for flights, visas, hotels and even fruit stalls using cryptocurrency via Binance Pay.