Seated Woman with Red Beret

Industrial designer Raymond Loewy purchased Pablo Picasso's Seated Woman with Red Hat (or Femme assise au chapeau rouge) in 1957 and gifted it to the Evansville Museum in the '60s. In Evansville, people are a bit baffled after hearing that the town's Museum of Arts, History and Science has had a rare Pablo Picasso piece in storage for almost half a century. Curator Mary Bower says the work went unnoticed because of a clerical error. "All the documentation associated with the gift indicated that this was by an artist named Gemmaux," she says, "which really happens to be the plural of the artistic technique."

Evansville Museum says it can't afford to insure the artwork; with it's estimated value between 30 and 40 million dollars it will be auctioned.