Rembrandt masterpiece reaches record price

Rembrandt's "Portrait of a Lady," 1632

LONDON, England (CNN) -- A Rembrandt masterpiece has fetched a record $28.7 million (£19.8 million) at auction.

The 17th-century oil painting, "Portrait of a Lady," was sold at auction on Wednesday by Christie's in London.

It went to a buyer, believed to be a London art trader, after just a few minutes frenetic bidding which saw the price rocket.

It had been expected to go for between $5.8 million and $8.7 million (£4 million and £6 million).

A Christie's spokeswoman told CNN.com: "This is the second highest price ever paid for an Old Master and the highest price ever paid for a Rembrandt.

"We can't say anything about the sale, other than it was for £19.8 million and was sold in the room to European trade."

The oval portrait features an unidentified woman wearing a black costume with a cap and collar.

It dates to Rembrandt's early career in Amsterdam and is signed and dated 1632.

The painting formed part of a sale of the collection of the late Baroness Batsheva de Rothschild.

The previous record for one of Rembrandt's paintings was $9 million (£6.27 million) for the Portrait of a Bearded Man in a Red Coat, which was sold at Sotheby's in New York in 1998.

The 105-piece Rothschild collection also includes a Canaletto painting, worth $5.8 million (£4 million), and an El Greco work worth $2.2 million (£1.5 million).

A Christie's spokesman said: "The collection comprises magnificent Old Master pictures, led by a Rembrandt masterpiece, Islamic and Venetian glass as well as other decorative objects and porcelain, including a superb group of Renaissance-style jewelry."

The auction is taking place over two days and is billed as major highlight of the international sales calendar this autumn.

Lord Hindlip, chairman of Christie's, said: "The Rothschild name is synonymous with the very best and broadest collecting and the appearance of these works, led by a particularly important group of Old Master paintings, marks a significant auction event."

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