An oil painting by Picasso has sold for $106.5 million in New York, setting a new record for art sold at auction.

"Nude, Green Leaves and Bust" helped Christie's Impressionist Auction pull in an impressive total of $335.5 million.

The vibrant, large-scale depiction of Picasso's mistress and frequent subject, Marie-Therese Walter, was the top-priced work from a world-class collection assembled by the late Los Angeles art patrons Frances and Sidney Brody.

Many art experts predicted the work, estimated at more than $80 million, would ride growing confidence in a recovering art market and break the previous record of $104.3 million set in February by Giacometti's "Walking Man I" at Sotheby's in London.

"It made a world auction record for any work of art ever sold. It is an extraordinary masterpiece and and it deserves to do so. But is still nonetheless thrilling, that a great 1932 picture should do that," said auctioneer Christopher Burge.

Three Giacometti sculptures also saw strong prices. A narrow bust, a forearm with outstretched hand and a walking cat, all bronzes from the Brody collection, fetched $55.3 million, $25.84 million and $20.8 million respectively.

Nearly three-quarters of the winning bids came equally from US and European bidders, while one-fourth were categorized as "other," a designation that includes Middle East collectors.

The Picasso, a 1932 work not seen publicly in 50 years, drew eight active bidders right up to the $80 million level. The buyer remained anonymous, with the winning bid taken by a Christie's executive via telephone.