A DRAWING by Italian artist Raphael from a collection at Derbyshire's Chatsworth House has fetched a record £29 million at auction.
Auctioneers Sotheby's said the black chalk piece, called Head Of A Young Apostle, became the most expensive work on paper as it sold for almost three times its estimated price.
It had been part of a collection at the Duke of Devonshire's stately home since the 1700s.
It was originally believed to be worth £10 million to £15 million but the artwork sold for £29.7 million, after an intense battle between four bidders over 17 minutes.
After the winning bid came in over the telephone, Sotheby's London auction room erupted in a round of applause.
Auctioneers Sotheby's said the black chalk piece, called Head Of A Young Apostle, became the most expensive work on paper as it sold for almost three times its estimated price.
It had been part of a collection at the Duke of Devonshire's stately home since the 1700s.
It was originally believed to be worth £10 million to £15 million but the artwork sold for £29.7 million, after an intense battle between four bidders over 17 minutes.
After the winning bid came in over the telephone, Sotheby's London auction room erupted in a round of applause.
