Modigliani’s Portrait of Picasso, 1915, currently on view in “Modigliani and His Models” at the Royal Academy in London (until 15 October), has been bought by a Russian collector in the last 12 months. Last year it was described as a loan from Galerie Schmidt, Paris, when it was shown at the Phillips Collection in Washington, DC. Now it is described by the Royal Academy as on loan from a “private collection in Moscow”. Manuel Schmidt, the director of Galerie Schmidt, confirms that the painting was sold to a Russian client in November last year. “It was a new client, but that’s all I can say, and I can’t tell you the price,” Mr Schmidt says. The highest price made at auction for a male portrait by Modigliani is $3.1m, paid for Portrait of Paul Guillaume, 1916, at Christie’s New York in November 1996.