The rarely seen work 'Nude, Green Leaves and Bust' had belonged to an LA collector until the sale at Christie's New York yesterday.
****** from 1932, the image showing the artist's mistress Marie-Therese Walter, was snapped up by an unnamed telephone bidder who had likely never seen it in person.
Since Nude, Green Leaves and Bust was last sold in the 1950s, the colourful image has only been on public display once in 1961.
Upon seeing the painting and hearing how much it sold for, many people will have commented, "Imagine what is would have been worth if it was a proper painting."
A spokesperson for Christie's said: "Eight bidders competed for the Brody Picasso, as Christie's lead auctioneer and Honorary Chairman Christopher Burge started the bidding at the $58 million mark.
"Mr. Burge took bids from within the saleroom and on the phone before the competition settled down to two bidders at the $88 million mark and a one-on-one battle ensued.
"Finally, at 7:32pm – nine minutes after the bidding open – the final bid was hammered down and a new world record for the most expensive artwork at auction was sealed at $106,482,500. "