SOURCE: Artfest International, Inc.

June 24, 2010 13:38 ET

Artfest International, Inc. and ArtFest Direct to Sell Picasso Art Piece

"Rendering Of Francoise Gilot" Sculpture Opening Bid to Start at $55 Million

DALLAS, TX--(Marketwire - June 24, 2010) -  Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company will now offer its original Picasso Sculpture art piece to the public. The Picasso Sculpture will be featured on www.artfestdirect.com and on http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=180524833398. The starting bid for the wooden sixty-by-twenty-seven Picasso sculpture is $55 Million.

The Picasso Sculpture was completed in 1949 and is titled "Rendering Of Francoise Gilot."The Picasso piece was appraised by Eritas Fine Art Appraising and Consulting, LLC in February 2010. The market value of this sculpture is estimated to be between fifty and seventy million dollars. The purchase price for the Picasso Art Piece is $2,500,000.00 in cash and 50 million warrants at $1.00 per share from Artfest International, Inc.

Picasso met Francoise Gilot, a young French student who became his favorite model, while he was living in Paris. She appeared in several of his works of art between the years of 1940-1950. Images of Francoise Gilot are in high demand in the market and have constantly proven to yield top dollar. According to www.TimesOnline.com Picasso's pieces can range from $5 Million to $150 Million.

"We believe the proceeds from the sale of the Picasso Art Sculpture will give the Company the ability to aggressively pursue all of its objectives as outlined in its business plan," stated Edward Vakser, CEO of Artfest International, Inc.

About Pablo Picasso -- Pablo Picasso was born in Malaga, Spain. By the age of 15 he was already technically skilled in drawing and painting. Picasso's highly original style continuously evolved throughout his long career, expanding the definition of what art could be. In addition to painting, he would explore sculpture, ceramics and other art forms and become one of the most influential artists. His revolutionary artistic accomplishments brought him universal renown and immense fortunes throughout his life, making him the best-known figure in twentieth century art. Picasso met Francoise Gilot, a young French student who became his favorite model, while he was living in Paris. She appeared in several of his works of art between the years of 1940-1950. Images of Francoise Gilot are in high demand in the market and have constantly proven to yield top dollar. According to www.TimesOnline.com Picasso's pieces can range from $5 Million to $150 Million.

About Artfest International, Inc. -- Artfest International, Inc. brings together artists, investors, decorators, designers, private collectors and art galleries. Artfest International's corporate site is www.artfestinternational.com. Artfest's subsidiaries are Art Channel, Inc. (www.artchannel.tv), and Art Channel Galleries, Inc. (www.ArtChannelGalleries.com), offering the most exciting product and rewards program in the history of direct sales marketing.

Safe Harbor Statement -- This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ARTS does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information

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