New York, Nov 13 (THAINDIAN NEWS) An Andy Warhol painting ‘200 One Dollar Bills’ sold for an amazing $43.8 million. The highest presale estimate was of $12 million, but it sold for 3 times that, at a whooping $43.8 million.

This painting, which was one of Warhol’s first silk-screen paintings, was sold at Sotheby’s on Wednesday evening. The auction house refused to reveal the names of the buyer and seller, citing privacy concerns.

According to records, this particular painting was made, ages ago in 1962, and ‘200 One Dollar Bills’ was once owned by taxi tycoon Robert C. Scull, who had purchased it directly from Andy Warhol’s dealer.

The bidding for this particular painting could be described as ‘fast and furious’. It started at $6 million and it was quickly doubled. More bidders too jumped into the fray, but ultimately a phone bidder was declared the winner. It was the highest price ever fetched at the Contemporary Art sale, which totaled $134.4 million, well above the high presale total of $97.7 million.

“200 One Dollar Bills is a hugely important work for American art history,” added Alex Rotter, head of Sotheby’s contemporary art in New York. “Not only was it one of the starting points of pop art, but this picture had the perfect ownership history.”