Picasso Painting Sold for Record Price

"Nude, Green Leaves and Bust" on display April 29, 2010 at Christie

"Nude, Green Leaves and Bust" on display April 29, 2010 at Christie's in New York. (Photo by Stan Honda/AFP/Getty Images)

A 1932 Picasso painting of the artists' mistress, 'Nude, Green Leaves and Bust,' has sold for $106.5 million at Christie's auction house to a telephone bidder. This sale breaks the previous world record of $104.3 million for 'Walking Man I' --  a sculpture by Alberto Giacometti, the Swiss sculptor and painter.

'Nude, Green Leaves and Bust' had been estimated at $70 million to $90 million. The painting was only shown once in the U.S., in 1961.