Pablo Picasso painting that depicts his mistress expected to sell for $120 million at auction

A Pablo Picasso painting that depicts the late artist's mistress is expected to fetch a whopping $120 million at auction, according to a news release from Sotheby's. The auction house is selling the art collection of Emily Fisher Landau – and the Picasso piece is the standout. 

The 1932 oil painting "Femme à la montre" depicts Marie-Thérèse Walter, who was known as Picasso's "golden muse" and appeared in several of his works.

Picasso and Walter met in Paris in 1927 when she was just 17. They kept their relationship a secret because of her age and because Picasso was married to Olga Khokhlova, a Russian-Ukrainian ballerina.