New York ( CNN ) -- A Picasso painting fetched nearly $ 106.5 million at auction Tuesday , a record for any single work of art , Christie 's New York said . `` Nude , Green Leaves and Bust '' sold for $ 106,482,500 to an unidentified telephone bidder , the auction house said in a news release . `` Silence fell over the packed saleroom as Christopher Burge conducted nine minutes of bidding that involved eight clients , '' it said . `` Christie 's lead auctioneer took bids from a client in the saleroom as well as those on the phone before the competition settled down to two bidders at the $ 88 million mark and a one-on-one battle ensued . The final bid was hammered down at 7.32 p.m. at $ 95 million . '' The buyer 's premium -- the additional fee paid to the auction house -- took the price of the painting to $ 106.5 million . `` Nude , Green Leaves and Bust , '' or `` Nu au Plateau de Sculpteur , '' is from the collection of Los Angeles philanthropist Frances Lasker Brody , who died last November and was the wife of the real estate developer Sidney F. Brody . The collection , amassed primarily during the 1940s and 1950s , had been in the family 's home since . Experts had referred to the 1932 work as `` lost '' because it had never been published in color . It shows Picasso 's muse and mistress , Marie-Therese Walter . The previous highest price for a work at auction was $ 104,327,006 paid for `` L'Homme Qui Marche I , bronze '' ( Walking Man 1 ) , 1960 , by Alberto Giacometti . It sold during an auction at Sotheby 's to an anonymous telephone bidder in February , 2010 . The previous high for a Picasso was $ 104,168,000 for `` Garcon a la Pipe '' ( `` Boy with Pipe '' ) , 1905 , in May 2004 . Those who missed a chance to bid on the Picasso can bid on its prior owners ' 2.27-acre estate in the Holmby Hills neighborhood of Los Angeles . The 11,500-square-foot , five-bedroom , four-staff bedroom house was built in 1950 and is listed at $ 24.95 million , according to Coldwell Banker Previews International .
` ` Picasso , Palm Leaves and Bust '' sold for $ 106,482,500 , the most ever paid for single work of art . The 1932 painting shows Picasso 's wife and mistress , Marie - Therese Picasso . Previous record was $ 1 million for Alberto Giacometti 's ` ` L'Homme Qui Marche I , ' ''