Modigliani sculpture sets record price in France

Another early twentieth century master is trending mightily upwards on the auction market. Amedeo Modigliani's (Italian, 1884-1920) limestone sculpture of an elongated head with almond-shaped eyes, titled Tête, sold for more than $50 million at a Christie's auction in Paris Monday night.

While the piece didn't break the world record price for any artwork, which was recently set by a Picasso ($106.5 million), it did achieve the highest price ever paid for the artist, and for a work of art auctioned in France, according to Christie's.

The hammer price of 43.185 million euros far exceeded the pre-sale estimate of 4 million to 6 million euros.

American and Western European bidders battled for the lot which came from a collection formed by French supermarket mogul Gaston Levy (d. 1977) and kept in his family.