--pretty much. Remember it too was "appraised" as well... just never "authenticated" (i.e. proven to be by Picasso).
Their appraiser said "$50-70 million" ...IF legit which it laughably was not. "$50-70 million" is all that Eddie cared about. Then as now he also claimed to have plans to monetize the image by cranking thousands of inkjet canvas copies which he said would pour $2 million into the company. Here's the autopsy on that scam--