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Diego Rivera Painting Sells Privately for Record Price

22 May 2016

A Diego Rivera painting has sold privately for $15.7 million, setting a world record price for any Latin American work of art, Phillips auction house said Friday.

The price for "Dance in Tehuantepec" nearly doubles the figure paid at auction last week for a painting by Frida Kahlo, Rivera's wife. Her "Two Nudes in the Forest (The Land Itself)" set a new auction record for Latin American art.

The buyer, Argentinian collector Eduardo Costantini, told The Associated Press that he has waited 20 years to acquire "Dance in Tehuantepec," which he unsuccessfully tried to purchase in 1995 when it came up at auction at Sotheby's.

Read more at CNBC