Painting by Picasso sets new world record

The 1932 work, Nude, Green Leaves and Bust, sold at Christie's to an unidentified telephone bidder. Its pre-sale estimate was up to $90m.

The striking work of Marie-Therese Walter had been exhibited in the United States only once, in 1961 in Los Angeles to commemorate the 80th anniversary of Picasso's birth.

It belonged to the late California art patron Frances Lasker Brody, who bought it in the 1950s for less than $20,000.

It is one of a series of sensuous portraits Picasso painted in 1932 of his lover that are now among his most prized works.

Three appeared at auction in the 1990s, selling for $20m, $45m and $48m.

The latest sale netted $335.5 million for the auction house, as well as benefitting the Huntington Library, Art Collections and Botanical Gardens in San Marino, California, where she was on the board.

The previous record for a work of art at auction was 104.3 million US dollars (69m) for a sculpture by Alberto Giacometti on February 3.

Auctioneer Christopher said they were "thrilled" with the final price, and added there had been "incredible bidding" across the range of 69 works on offer, of which more than 80 per cent found buyers.