The cash-strapped Metropolitan Museum dumped a spare Picasso last year for $48.5 million.

The Upper East Side museum auctioned off the 1909 bronze “Head of a Woman” — considered Picasso’s first cubist sculpture — realizing about $42 million once Christie’s, which conducted the sale, took its cut. The buyer was not disclosed.

The sculpture was one of two in the museum’s collection, the first donated more than 25 years ago in a bequest by Florence Schoenborn, an art collector and former board member, and the second by Estee Lauder heir Leonard Lauder in 2013. The Schoenborn sculpture was the one sold.

The massive haul from the “deaccessioned” Picasso and other work was a record $44 million, and will go toward future art purchases, according to the museum.

The museum’s finances were decimated by the COVID-19 pandemic which forced it to close for six months. It laid off workers and offered early retirement packages.

The Met ended the 2022 fiscal year with a $5.6 million deficit, according to the annual report. It received $22 million in city funding last year.

Despite the red ink, museum honchos saw their pay increase with CEO Daniel Weiss getting at 4.4% raise to bring his 2021 compensation to $1.4 million including salary of $1,089,671, a $4,000 bonus and an unspecified housing allowance, the latest tax filing shows.

Museum director Max Hollein received a 4.3% raise, bringing his total compensation to $1.4 million including salary of $1,040,072, a $4,000 bonus and a housing allowance.

The total compensation for Lauren Meserve, the chief investment officer, came to $1.8 million including salary of $695,109 — an 8.7% increase — and a $793,206 bonus.