Pablo Picasso's 1932 portrait of his blonde mistress sold for $106.4 million at Christie's in New York on Tuesday, setting a new world record for most expensive work of art at auction.

The jewel-toned painting, "Nude, Green Leaves and Bust," sold to Christie's specialist Nick Hall, who fielded bids from an anonymous telephone bidder.

The sale breaks the $104.3 million record set three months ago by Alberto Giacometti's "Walking Man I" sculpture at Sotheby's.

The Picasso was priced to sell for between $70 million and $90 million.

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