Munch's The Scream Sold for $120m

Norwegian expressionist, Edvard Munch's The Scream has become the most expensive art work sold at auction as it went in New York for $119.9m (£74m).

The 1895 pastel was bought at Sotheby's in New York City. Bidding began at some $50m, and lasted for just 12 minutes, reports the BBC.

The work is one of four in a series by the Norwegian expressionist artist and was the only one still owned privately.

Proceeds of Wednesday's sale are to go towards the foundation of a new museum, hotel and art centre in Norway.

Seven bidders were competing for the work, but the contest eventually boiled down to two phone-bidders, one of whom prevailed. The crowd applauded after the sale.

The sale price includes the buyer's premium.

The previous record for an artwork sold at auction was for Picasso's Nude, Green Leaves, and Bust, which sold for $106.5m in 2010.

The other three versions of The Scream are all owned by Norwegian museums. But Sotheby's say the example they handled is the most colourful.

It is also the only one to include a poem by Munch on the frame, which talks of his inspiration behind the series of works.

It reads: "I was walking along a path with two friends - the sun was setting - suddenly the sky turned blood red - I paused, feeling exhausted, and leaned on the fence - there was blood and tongues of fire above the blue-black fjord and the city.

"My friends walked on, and I stood there trembling with anxiety - and I sensed an infinite scream passing through nature."

The piece was sold by businessman, Petter Olsen, whose father was friendly with the Norwegian artist.

Earlier this year, Olsen spoke of his decision to sell The Scream.

"I have lived with this work all my life, and its power and energy have only increased with time," he said.

"Now, however, I feel the moment has come to offer the rest of the world a chance to own and appreciate this remarkable work."

The Scream has become one of the famous works of art in popular culture.

Philip Hook from Sotheby's discusses Edvard Munch's masterpiece with the BBC's David Sillito

"Together with the Mona Lisa, it's the most famous and recognised image in art history," Michael Frahm, an art adviser with Frahm Ltd, told the Associated Press news agency.

He added that it has been "used by everyone from Warhol to Hollywood to cartoons to teacups and T-shirts".

Two of the other versions of The Scream were stolen, in 1994 and 2004 respectively. Both were later recovered.

From BBC