A masterpiece by Pablo Picasso could fetch an auction record price this spring at Christie's. The auction house is banking on "Les femmes d'Alger (Version “O”) to fetch $140 million, or more, and with a buyers premium added in the final price could exceed $155 million.

Christie's previously sold the most expensive artwork on the auction market. Blowing past its $85 million estimate, Francis Bacon's triptych "Three Studies of Lucian Freud" brought $142.4 million including commission in November 2013.

Once part of the Victor and Sally Ganz collection, which in 1997 set an auction record for any single owner sale, totaling $206.5 million, the painting is one of 15 variations by Picasso. A London dealer bought it for $31.9 million in the historic Ganz sale.

Christie's statement reads: This majestic, vibrantly-hued painting is the final and most highly finished work from Picasso’s 1954-55 series in which he looked back to 19th century French master Eugene Delacroix for inspiration, and in the process created a new style of painting.

"It has become clear that the many new global collectors chasing masterpieces have been waiting for an iconic Picasso to appear on the market," said Jussi Pylkkanen, Christie’s global president. "None is more iconic than 'Les femmes d'Alger.'"

The Picasso will be a centerpiece of Christie's May 11th sale titled ‘Looking Forward to the Past.’