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Attention Kmart shoppers: Picasso in aisle five

Retailer sells off paintings, tapestries from its Michigan headquarters
/ Source: The Associated Press

Attention Kmart shoppers: today’s blue light specials are on garden hoses, children’s T-shirts, and don’t miss the specials on Ming Dynasty art and a Picasso.

Kmart, better known for discounts on things like casual clothes and housewares, is selling off high-end art from its former corporate headquarters, including a rare Picasso tapestry and a 15th-century Chinese Ming Dynasty watercolor.

They are among works being sold from the corporate art collection at the former headquarters in Troy. The gallery includes more than 1,000 oils, photos, posters, tapestries and sculptures.

Also for sale are historic collectibles from its Science and Technology room including a work by Alan Bean autographed by more than 20 U.S. astronauts.

Most pieces of art can be bought immediately, while the high-end pieces will be sold through a bidding process from June through September. Each month will feature different styles and works.

Kmart and Sears combined in a $12.3 billion deal in March 2005 to form Hoffman Estates, Ill.-based Sears Holdings Corp.

Madison Marquette, a Washington, D.C.-based developer, bought Kmart’s headquarters in December. Its plans for the 40-acre suburban Detroit site include a luxury hotel, shops, upscale condos, offices and entertainment outlets.