Painting breaks new auction record

Picasso's Women of Algiers has exceeded estimated $140 million to sell for $179m at Christie’s in New York artwork auction.

Pablo Picasso's 'The Women of Algiers,'

undefinedPablo Picasso's ', painting  set a world record for artwork at auction, selling for nearly $179.4 million.

The painting was part of a sale at Christie's auction house which also featured Alberto Giacometti's 'Pointing Man."'

According to experts,  the high  prices are fueled by established and wealthy new buyers and the desire by collectors to own the 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," dealer Richard Feigen said.

'Women of Algiers,' painting was inspired by the painter's fascination with the 19th-century French artist Eugene Delacroix.

The most expensive artwork sold at auction had been Francis Bacon's 'Three Studies of Lucian Freud,' sold for $142.4 million in 2013.

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