Picasso painting sets new record for art sold at auction as mystery New York buyer pays $179MILLION for it

• Women of Algiers, painted in 1955 by Spanish artist, exceeds expectations
• The Picasso had been expected to sell for $140million tonight's bidding  
• Most expensive painting ever sold was a Gauguin bought in a private deal 

By ASSOCIATED PRESS and DAILY MAIL REPORTER

PUBLISHED: 00:41, 12 May 2015 | UPDATED: 08:34, 12 May 2015

 
 
 
 
 

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A vibrant, multi-hued painting from Pablo Picasso set a world record for artwork sold at auction, bringing in $179million on Monday night.

'Women of Algiers (Version O)', or 'Les femmes d'Alger', was part of a sale at Christie's auction house that sold 34 pieces of art for a staggering total of $706 million.

The sale also featured Alberto Giacometti's life-size sculpture 'Pointing Man,' which was poised to set a record as the most expensive sculpture sold at auction with a $141million price tag.

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'Les femmes d'Alger' or 'Women of Algiers' became the most expensive painting to ever sell at auction Monday night when an anonymous buyer bid $179million for the work by Pablo Picasso

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The auction of 34 pieces brought in more than $700million as buyers eyed and coveted pieces from late 19th and 20th century artists 

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Alberto Giacometti's life-size sculpture 'Pointing Man,' made in 1947, became the most expensive sculpture bought at auction when it fetched $141.2million

They were among two dozen masterpieces from the 20th century Christie's offered in a curated sale titled 'Looking Forward to the Past.'

The Picasso price, $179,365,000, and the Giacometti price, $141,285,000, included the auction house's premium. 

The buyers and the sellers of both artworks elected to remain anonymous.

Women of Algiers, which had bidding begin at $100million, had been expected to be sold for around $140million.

Experts say the prices are driven by artworks' investment value and by wealthy new and established collectors seeking out the very best works.

'I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future,' Manhattan dealer Richard Feigen said of buyers shelling out 

Impressionist and modern artworks continue to corner the market because 'they are beautiful, accessible and a proven value,' added Sarah Lichtman, professor of design history and curatorial studies at The New School.

Read more: http://www.dailymail.co.uk/news/article-3076775/Picasso-Giacometti-works-poised-set-auction-records.html#ixzz3ZuM9Ja1u
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