Lady with a Fan was the last portrait Gustav Klimt completed before his death in 1918. via REUTERS It was last sold in 1994, going for $11.6 million at an auction in New York.

After a bidding battle, Austrian painter Gustav Klimt's "Lady with a Fan" was sold at a price that beat the previous European auction record of $104.3 million in 2010.

Lady with a Fan is among the very few portraits by Klimt, a leading figure of the Vienna Secession art movement, to be owned privately. It was last sold in 1994, when it fetched $11.6m (£9m).