A masterpiece by Pablo Picasso has sold for $104 million (€85.5 million) becoming the most expensive painting ever sold at auction.
The price for Boy With The Pipeeasily eclipsed the old mark of $82.5 million (€68 million) set by van Gogh's Portrait of Dr. Gachet, which had stood since 1990.
The 1905 oil on canvas, a masterpiece from Picasso's "Blue period" that depicts a local boy who regularly visited Picasso's Montmartre studio, generated excitement in the art world in recent weeks with experts predicting it could break the $100 million barrier.
Sotheby's had estimated the work, which was the highlight of its sale of the collection of Mr and Mrs John Hay Whitney on behalf of the late couple's Greentree Foundation, at "in excess of $70 million."
At least half a dozen bidders competed in earnest for the work, which started at $55 million and quickly escalated to $70 million. When it reached $79 million, two competing bidders drove the price up to $93 million, at which point the hammer came down to sustained applause in the packed salesroom. The price included Sotheby's commission.
Sotheby's refused to divulge any information on the buyer.
The previous record for a Picasso was $55,006,000, for
Woman with arms crossed - bought in November 2000.