Picasso painting sets world record

A Pablo Picasso painting has set a world record for artwork at auction, selling for $179.4m, and a work by Alberto Giacometti became the most expensive sculpture, at $141.3m.

Picasso’s Women Of Algiers (Version O), regarded as one of Picasso's best, and Giacometti’s life-size Pointing Man were among dozens of masterpieces from the 20th century that Christie’s offered in a sale titled Looking Forward To The Past.

Christie’s global president, Jussi Pylkkanen, who was the auctioneer, said the two pieces are outstanding works of art.

“I’ve never worked with two such beautiful objects,” he said.

The Picasso and the Giacometti prices included the auction house’s premium. The buyers elected to remain anonymous.

Overall, 34 of 35 lots sold at last night’s New York auction for a total of $706m.