Actually, it's not much of a story--it's more of a testament to the ability of the wealthy to overspend:
In May, Pablo Picasso’s 1955 painting Les Femmes d’Alger (Version “O”) was snapped up at Christie’s for $179 million, setting a record for the most expensive artwork ever sold at auction. Naturally, the headlines focused on the sheer magnitude of the sale, which broke the old auction record of $142 million — the cost of Francis Bacon’s Three Studies of Lucian Freud. The painting itself, though, has a story to tell beyond its price.
The price tag of $179 million resists criticism because this is a Picasso; however, it's not a major Picasso in the sense that:
Picasso’s friend and biographer John Richardson doesn’t place it “in the first 100 of Picasso’s best paintings.”