A Picasso painting has set a new record by earning a relatively large price tag during an auction in New York. The artist’s 1932 picture “Nude, Green Leaves and Bust” is currently the world’s most expensive art work sold in an auction.

The painting was formerly owned by the late Los Angeles Collectors, Frances and Sidney Brody since the 1950s until it was sold in Christie’s auction for $106 million. As of today, the painting is owned by an anonymous phone bidder. The winning bid breaks the record formerly held by Giacometti’s Walking Man I, a painting sold for $104.3 million last February.

Another Picasso painting called Garcon a la Pipe was also previously sold for a record breaking price of $104.1 million in 2004.

The bidding for Picasso’s “Nude, Green Leaves and Bust” had been anticipated to be sold somewhere within the $70-90 million range. The winning bid, which already includes the auctioneer’s commission, signifies the art market’s recovery from the recent global financial crisis.

According to Conor Jordan, the head of Christie’s impressionist art department, the painting was only exhibited twice during the early 1960s and during the recent auction in New York.