Pablo Picasso's
Woman Sitting Near a Window (Marie-Therese) sold Thursday for $103.4 million at Christie's in New York, the auction house said.
The painting, completed in 1932, was sold after 19 minutes of bidding for $90 million, which rose to $103.4 million when fees and commissions were added, Christie's said.
Christie's had estimated the painting would sell for $55 million.
The sale confirms the vitality of the art market despite the COVID-19 pandemic – but also the special status of Picasso, who was born in 1881 and died in 1973.
The generally good performance of Thursday's auctions, totaling $481 million, "signals a real return to normal and also a message that the art market is really back on track", said Bonnie Brennan, president of Christie's America.