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 -- bought by an online bidder in California -- 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.
The painting, depicting Picasso's young mistress and muse, Marie-Therese Walter, was acquired only eight years ago at a London sale for 28.6 million pounds (about $44.8 million), less than half the price offered Thursday.
Five works by the Spanish painter have now crossed the symbolic threshold of $100 million.