$109M Giacometti sets new record

A life-sized sculpture of a man by Swiss sculptor Alberto Giacomettisold at auction in London Wednesday for $109.4 million, a record for any work of art.

L'homme qui marche I (Walking Man I) sold at Sotheby's auction house to an anonymous buyer who bid over the phone.

Sotheby's had estimated the bronze sculpture would sell for$20 million to $30 million, but called itone of most important works by Giacometti.

Giacometti, who lived 1901 to 1966, was a key player in surrealism and son of the painter Giovanni Giacometti.

The previous record for any work was $104million for a Picasso painting, Boy with a Pipe, which sold in 2004.

Sotheby's said bidding was briskdue to strongdemand for quality works of impressionist and modern art.

Other works that sold at the same auction Wednesday:

• Gustav Klimt's Kirche in Cassone went for $45.4 million.
• Paul Czanne's Pichet et Fruits sur une table sold for $20 million.