A rare glass painting by Pablo Picasso was found after five decades in the storage of Evansville Museum of History and Science, in Indiana.

The museum board of trustees and members have decided the work is too expensive to keep.

A threefold increase in insurance premiums coupled with additional security and related costs to keep Picasso's "Seated Woman with Red Hat" have been deemed too costly. The work will be sent to a New York auction house and has been reviewed at Guernsey's.

In 1963, industrial designer Raymond Loewy donated the work to the museum. At the time, the piece was credited to an artist named Germmaux, but "Germmaux" actually is the plural of "gemmail," the medium used to assemble pieces of glass that later light up with color.

Picasso employed glass in his works during the mid-1950s.