"Nude, Green Leaves and Bust"

Pablo Picasso's 1932 'Nude, Green Leaves, and Bust' is seen at Christie's auction house in New York.

NEW YORK - "A 1932 Pablo Picasso painting of his mistress has sold for $106.5 million, a world record price for any work of art at auction. The striking work of Picasso's muse and mistress Marie-Therese Walter has been exhibited in the United States only once, in 1961 in Los Angeles to commemorate the 80th anniversary of Picasso's birth. The painting, which measures more than 5 feet by 4 feet, shows a reclining nude figure with an image of Picasso in the background looking over her. The painting had belonged to the late California art patron Frances Lasker Brody, who bought it in the 1950s. It had been kept in her family since then. Part of the sale proceeds will benefit the Huntington Library, Art Collections and Botanical Gardens in San Marino, Calif., where Brody was on the board. The previous record for a work of art at auction was $104.3 million for "Walking Man I," a sculpture by Alberto Giacometti sold on Feb. 3 at Sotheby's in London. The previous high price for a Picasso work was $104.2 million for "Boy With a Pipe (The Young Apprentice)," attained in 2004 at Sotheby's New York." - Excerpted from 'Art Daily'/'AP' -