Picasso's mate previously netting 1 million in recession (5)
I believe the answer is:
amigo
'picasso's mate' is the definition.
('mate' in Spanish - Pablo Picasso was Spanish)
'previously netting 1 million in recession' is the wordplay.
'previously' becomes 'ago' (I've seen this before).
'netting' indicates putting letters inside (net can mean to contain or capture).
'a' becomes 'I' (Roman numeral).
'million' becomes 'm' (abbreviation).
'in recession' says the letters should be written in reverse (letters recede or go back).
'i'+'m'='im'
'im' back-to-front is 'mi'.
'ago' enclosing 'mi' is 'AMIGO'.
(Other definitions for amigo that I've seen before include "Hispanic comrade" , "Pal from Madrid?" , "Friend in Spanish-speaking areas" , "friend in Uruguay" , "Male (Spanish?) friend" .)