A painting of a nude by Amedeo Modigliani fetched nearly 69 million dollars at a Sotheby’s auction in New York, setting a new record for the Italian painter.

The circa 1917 canvas, titled “Nu assis sur un divan (La Belle Romaine),” had been estimated before the auction to go for more than 40 million dollars.

Five bidders on Tuesday competed over what Sotheby’s called the “iconic” and “stunning nude,” driving the final price to 68,962,500 dollars.

The massive sale highlighted the first of the autumn art auctions in New York at Sotheby’s and rival Christie’s, with both houses predicting a surge in demand.

A sculpted stone head by artist Amedeo Modigliani sold at Christie’s in Paris on Monday for euro 43.2 million, breaking the record for a work by the Italian artist.

The sculpture dated from between 1910 and 1912 and had been estimated at between four and six million euros.

“It’s a record for a work by the artist in any category”, including paintings and sculptures, said Christie’s, which organised the sale.