A painting sells for a record $50.6m

Dutch artist, Piet Mondrian, oil painting sold at a New York auction for a record $50.6m of the artist work. The 1929 piece titled Composition No III, with Red, Blue, Yellow and Black, features the geometric style for which the artist became renowned.

The sale price, which includes a 12% buyer's premium, was more than twice its estimate of $15m-$25m (£10m-£16m). Mondrian's previous auction record was $27.6m (£17.5m).

The auction capped two weeks of sales that have brought in record sums of money at both Christie's and Sotheby's auction houses.

On Monday, Picasso's Women of Algiers became the most expensive painting to sell at auction, fetching $179.3m

(s:cnn)