20th century painter Francis Bacon's painting of Lucian Freud have been collectively auctioned off in New York for a record-breaking $142.4 million (£89.6m), far exceeding its pre-sale estimate of $85 million.

Entitled the Three Studies of Lucian Freud, the painting had never been auctioned before though has now surpassed Edvard Munch's The Scream's Sotheby's former sale record of $119.9m and Bacon's 2008 record of $86.3m for his artwork.

Three Studies of Lucian Freud depicts Bacon's friend and fellow artist sat in a chair against a rich yellow backdrop. Divided into three paintings, known as a triptych, the study shows Freud, grandson of Sigmund, from three different angles. The three paintings have not always been hung together, however. They were separated for 15 years during the 1970s before they were reunited.

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According to The Guardian, auction house Christie's was packed during Tuesday's furious bidding war as rich collectors from around the globe phoned in. Such endlessly wealthy art enthusiasts are said to be driving prices for top-tier works to record levels, meaning auction houses are seeing more fevered and astronomical bidding.

At this stage, the buyer's identity of whereabouts have not been disclosed, but Christie's head of postwar and contemporary art, Brett Gorvy, recently noted at a preview that competitive collectors from Asia, Russia and the Middle East were determined to assemble world-class collections featuring trophy works.

The New York Times has reported that the piece was purchased by art dealer William Acquavella on behalf of an unnamed client after bidding between seven prospective buyers.

Bacon, who died in 1992 at the age of 82, was an Irish born painter who is renowned for his bold and emotionally charged portraits that have greatly risen in value since his death. He was most famously described by Margaret Thatcher as "that man who paints those dreadful pictures."