Picasso work sets world art-auction record

New York: Picasso`s `Nude, Green Leaves and Bust` soared to more than $106 million at Christie`s on Tuesday, setting a record for a work of art sold at auction.

The vibrant large-scale depiction of Picasso`s mistress and frequent subject, Marie-Therese Walter, was the highlight of a world-class collection assembled by the late Los Angeles art patrons Frances and Sidney Brody.

It had been estimated to sell for more than $80 million, but many art experts predicted in recent weeks it would ride growing confidence in a recovering art market and break the previous record of $104.3 million set in February by Giacometti`s "Walking Man I" at Sotheby`s in London.

More than half a dozen people bid on the 1932 canvas, which the Brodys acquired in the 1950s from Picasso`s dealers, with the winning bid taken by a Christie`s executive via telephone. The final price of $106,482,500 included the auction`s house`s commission.

Bureau Report