T he present drawing illustrates Picasso’s strength as both a draftsman and a caricaturist, depicting Sergei Diaghliev, Léon Bakst and Michael Semenoff. Diaghilev founded the immensely popular Ballets russes, which stunned Parisian audiences with their avant-garde dance performances. Picasso collaborated with Diaghilev on the set and cost.mes s for a number of productions including Parade and Pulcinella.