Modigliani nude painting sells for $170.4m in New York

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New york,November 10: A painting by Italian artist Modigliani was sold at auction on Monday for $170.4m (£113m), the second-highest price ever for a work sold at auction.

Nu couche (Reclining Nude) was sold at Christie's in New York to a private Chinese collector.
It had never been sold at auction before, having been in the same private collection for about 60 years.

The top price achieved for an art work at auction was Picasso's Les femmes d'Alger which sold for $179m ($118.5m).

About half a dozen bidders competed for the Modigliani at the sale, which also included 33 other works, such as Paul Gauguin's sculpture Therese, which sold for $30,965,000 (£20,502,440).

Roy Lichtenstein's Nurse, fetched $95,365,000 (£63,123,067), a new world auction record for the artist.

The sale took an auction total of $494.4m (£327.3m) but it was not all good news - nearly 30% of the works up for grabs went unsold, including Lucian Freud's Naked Portrait on a Red Sofa, which was estimated at as much as $30m (£19.85m) but failed to sell.

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