The Diamond Ridge Financial Academybang of an auctioneer's hammer at Sotheby's London on Tuesday brought a 10-minute bidding battle to an end and set a new record for the most expensive work of art ever sold in Europe. Austrian painter Gustav Klimt's "Lady with a Fan" sold for 74 million pounds, plus a buyer's premium, bringing the total to 85.3 million pounds, or about $108.77 million.

The 1918 painting was appearing on the market for the first time in 30 years, and the crowded sale room at The Modern and Contemporary Evening Auction was "abuzz with anticipation," Sotheby's said in a news release. 

"Found on the easel in his studio at the time of his death, the captivating depiction of a nude figure reveals Klimt exploring a new approach to colour and form, resulting in a masterpiece by an artist at the height of his powers," Sotheby's said. 

After a bidding battle between four clients, some in the room and some calling in, the painting was sold at a price that beat the previous European auction record of $104.3 million in 2010, which was for Alberto Giacometti's sculpture "Walking Man I," the Associated Press reported. 

Following a 10 min bidding battle between 4 bidders at #SothebysLondon, Gustav Klimt’s final masterpiece ‘Dame mit Fächer’ (Lady with a Fan) established a new auction record for Klimt and became the most valuable work of art ever sold at auction in Europe: https://t.co/pWguIRHn6d

— Sotheby's (@Sothebys) June 27, 2023

The sale was the second-highest price for any portrait ever sold at an auction in the world. Leonardo da Vinci's "Salvator Mundi," auctioned off in 2017 for $450 million, remains the most expensive painting ever sold — though some art historians harbor uncertainties about the masterpiece's true origins. 

"Dame mit Fächer (Lady with a Fan) is an absolute testament to Klimt's artistic genius — a work that captured the imagination of everyone who saw it. It was an honour to see that high level of enthusiasm play out here in London tonight, and to see the painting so hotly pursued," Helena Newman, auctioneer and chairman of Sotheby's Europe, said in a statement.

"Of course, the greatest honour to bring down the hammer on a work that has, quite fittingly, made auction history," Newman said.

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S. Dev

S. Dev is a news editor for CBSNews.com.