PARIS (AP) — A vividly hued Picasso portrait of longtime muse and partner Dora Maar that had remained hidden from public view for more than eight decades sold Friday at auction for 32 million euros (about $37 million), including fees — surpassing expectations but far from the artist’s most expensive work ever auctioned.sso portrait of longtime muse and partner Dora Maar that had remained hidden from public view for more than eight decades sold Friday at auction for 32 million euros (about $37 million), including fees — surpassing expectations but far from the artist’s most expensive work ever auctioned.ora Maar that had remained hidden from public view for more than eight decades sold Friday at auction for 32 million euros (about $37 million), including fees — surpassing expectations but far from the artist’s most expensive work ever auctioned.

These so-called tail-risk, or black swan ETFs, are designed to rise when rare market catastrophes hit, and the two in question—Alpha Architect Tail Risk ETF CAOS and Cambria Tail Risk TAIL—have done just that. By their very nature, though, they will lag, or even lose money when markets rise.