Picasso’s artwork smashes auction record

Picasso’s artwork smashes auction record

Picasso’s artwork smashes auction record

Written by Staff Writer

12 May, 2015 | 4:41 pm

A painting by Pablo Picasso has set a new world record for the most expensive artwork to be sold at auction after reaching $179m (£115m) in New York.

Eleven minutes of prolonged bidding from telephone buyers preceded the final sale for much more than its pre-sale estimate of $140m.

The sale also featured Alberto Giacometti’s life-size sculpture Pointing Man, which set its own record.

It is now the most expensive sculpture sold at auction, after going for $141.3m (£90.6m). Both buyers chose to remain anonymous.

Previously the most expensive work sold at auction was Francis Bacon’s triptych Three Studies of Lucian Freud, which sold for $142.4m at Christie’s in November 2013.

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