Woman with Arms Folded: Mystery buyer

It was originally part of a collection owned by the American author, Gertrude Stein.

The new owner, who paid more than twice the pre-sale estimate, has not been named.

The sale, at Christie's Impressionist and modern act auction in New York, was also the fifth highest amount ever paid for any work of art at an auction.

And it produced the highest ever price for a work by sculptor Alberto Giacometti, or indeed for any sculpture.

'Selective' market

His Large Standing Woman sold for over $14.3m.

Aside from the records, the first major sale of the season was generally a disappointment, with several major works failing to find buyers.

Picasso's reputation was enhanced by the portrait

Works by Monet, Manet, Gauguin, Cezanne and Degas, expected to sell for $5-10m, failed to make the agreed minimum price.

Christopher Burge, Christie's America honorary chairman, said that while the market for top quality works of art was strong, it was "more selective" regarding lesser works.

The auction house would have to learn its lessons and reassess its approach to the market, he said.

The "Woman with Arms Folded" is one of the best known paintings from Picasso's Blue Period, in which he portrayed sorrow set in a cold environment, exposing the cold and harsh aspects of the world and his own life.