Picasso painting smashes art auction record

The oil painting is considered to be the most expensive artwork ever to be sold at an auction as it was purchased for $179.4million.

The 1955 painting was auctioned by Christie’s and the initial estimation for it was around $140 million.  Numerous bidders wanted the painting that quickly reached $160 million, before one final price of $179,365,000 including Christie's commission of just over 12 per cent. The buyer’s name is still unknown.

This way, "Les femmes d'Alger (Version 'O')" became the most expensive painting ever to be auctioned surpassing Francis Bacon's triptych "Three Studies of Lucian Freud," previously sold for $142.4 million at Christie's in November 2013.

"It will be fascinating to see how long it holds," Jussi Pylkkanen, Christie’s global president who also served as auctioneer, said.

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