A Picasso artwork has sold for nearly PS50 million, the highest auction price for any painting ever sold in Europe in pounds, The Associated Press reported.
The artist's portrait of Marie-Therese Walter, known as his "golden muse", sold for PS49.8 million (A$87 million) at Sotheby's London on Wednesday.
The 1937 painting had never been sold on the market before, having previously been part of a private collection.
Femme Au Beret Et A La Robe Quadrillee was painted the same year as the artist's famous Guernica.
Thomas Bompard, head of Sotheby's London impressionist and modern art evening sales, called the oil on canvas work "one of the greatest portraits by Picasso to appear on the market in recent years".
He said: "Of all of the artist's styles and decades, this is the one that most epitomises the legacy of Picasso as a portraitist of women - with this particular painting encompassing all of the key elements for which he is recognised and celebrated."