David Hockney painting sells for a record $90.3 million

David Hockney's "Portrait of an Artist (Pool with Two Figures)" sold on Thursday for $90.3 million, setting a new auction record for a living artist.

Christie's in New York estimated that the 1972 oil painting would fetch $80 million. The bidding lasted nine minutes, with the two most active bidders calling in by telephone. The previous record was held by Jeff Koons, whose "Ballon Dog (Orange)" sold in 2013 for $58.4 million.

Hockney, 81, is considered one of the most influential British artists. Before the sale, Ana Maria Celis, vice president of postwar and contemporary art at Christie's, said auction houses can "rarely say, 'This is the one opportunity to buy the best painting from the artist.' This is it."

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