Yes, your sentence is almost correct and sounds quite poetic! However, a small adjustment would improve its clarity and flow. Here’s a refined version:
“Picasso is an artist with a challenging fate. His long and eventful life stands as a bridge, connecting the living history of an era—from the dawn of the 20th century to its latter half.”
This change—"an artist with a challenging fate"—sounds slightly more natural in English than "of a difficult fate." Additionally, "connecting the living history of an era" clarifies that you are referring to the 20th century's broader history and makes the sentence flow better.
Overall, this captures the intended meaning while improving readability.