A three-paneled painting by Francis Bacon has become the most expensive work of art ever sold at auction.

The work entitled "Three Studies of Lucian Freud" sold for 142.4 million US dollars at Christie's in New York. That is about 876 million Yuan.

Bacon's 1969 triptych, easily eclipsed the $119.9 million dollars achieved by Edvard Munch's "The Scream," at Sotheby's in May last year.

Jussi Pylkkanen is the president and chairman of Christie's Europe who served as auctioneer:

"We saw over 11 objects making more than $20 million (USD). Obviously, the Bacon record at $142 million (USD) is a record that will not be broken for many, many years. A very special picture, an incredibly rare triptych of Lucian Freud, one of the mavens of 20th century painting in England but also a close friend of Bacon. These triptych's are incredibly rare. The previous record for a work of art at auction is just over $100 million (USD) so for us to see $142 is something quite extraordinary."

The sale saw the highest price achieved at auction by any living artist, when Jeff Koons' large sculpture,"Balloon Dog (Orange)," fetched $58.4 million.