'Letting go of the past'

Illustrious Spanish artist Pablo Picasso's granddaughter Marina Picasso is planning to sell off her grandfather's artworks, reports say.

She inherited possession of 10,000 original Picasso works, all of which she plans to sell personally to fund her philanthropic efforts, The New York Times reported.

Art investors are sweating over the announcement in fear that flooding the market with such huge amount of goods could drop prices and the art world could lose out on millions of dollars.

In 2001, Marina Picasso accused her grandfather of destroying her childhood in her memoir 'Picasso: My Grandfather' and recounted living in near-poverty while her father begged for an allowance from Picasso.

When Picasso died in 1973 leaving no will, Marina inherited a fifth of the estate, including Picasso's Villa La Californie in Cannes, southern France.

Contrary to an earlier report Marina Picasso does not intend to sell the villa, which previously served as a museum and gallery dedicated to the artist's work, reported Business Insider.

But her new-found wealth was not enough to soften her memory of her late grandfather. In her memoir, Marina wrote that she turned around all the paintings in the villa as an act of vengeance.

She is currently in possession of 10,000 works of art by Picasso, which includes 300 paintings, according to the Times.

They will be sold directly by Marina, and she will meet the clients personally in Geneva, according to an earlier report by the New York Post's Page Six.

The first work that Marina will sell is the 1935 painting "La Famille," a rare realistic-style painting that could fetch millions.

“It’s symbolic because I was born in a great family, but it was a family that was not a family,” Marina Picasso told the Times.

Marina is also in possession of a portrait of Picasso’s first wife, titled “Portrait de femme (Olga),” which could sell for over $60 million if she ever chose to part with it.

Another set of famous works in her collection is the 1911 painting “Femme à la Mandoline (Mademoiselle Leonie assie)” which could sell for as much as $60 million, and a 1921 work titled “Maternité” starting at $54 million.