NEW YORK (CNN) - Pablo Picasso and other renowned artists will take centerstage this week as Kmart begins auctioning off a wealth of fine and rare art from its Michigan headquarters.

The discount retailer is offering up a rare Picasso tapestry worth an estimated $25,000, a 15th-century Ming Dynasty lotus-flower watercolor on silk and a work by Alan Bean autographed by more than 20 United States astronauts, among other works.

Kmart, which emerged from bankruptcy in 2003, sold its Troy, Mich., headquarters in December 2005 after merging with Sears (Charts).

"It's not uncommon to find great art in companies that have been around for many years," said Michael Weissmann of National Retail Equipment Liquidators. "They purchased most of the art back in the 1970s, when the market didn't command such pricey price tags."

Weissmann did admit to being excited about the Picasso and the Ming-era works. "They truly look like museum pieces," he said.

The company gallery will have six showings a month from June through September. Each month will feature a different style or work, and all showings will be held in executive offices of the former Kmart Headquarters in Troy.

The gallery will also include a myriad of Kmart memorabilia dating back to the early 1900s. Some of the highlights include a book autographed for a former CEO by supermodel and former Kmart pitchwoman Kathy Ireland and a 1970s promo from onetime "Charlie's Angels" star Jaclyn Smith, who once had a Kmart clothing line.

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