WATCH: Frida Kahlo self-portrait breaks records, selling for R950 million

Frida Kahlo’s ‘El sueño (La cama)' has set a new record for the most valuable work by a woman artist ever sold at auction.

The self-portrait by the renowned Mexican artist (1907 - 1954) was sold by Sotherby's New York for more than R950 million ($54.7 million).

The hammer came down on the 1940 painting to applause after a tense bidding battle between two collectors, the auction house said.

The title translates to 'The dream (The bed)' and depicts Kahlo asleep in a canopy bed beneath a larger-than-life skeleton.

The sale of this surrealist work also marked the highest amount paid for a Kahlo portrait since the $34.9 million in 2021 for 'Diego y yo', which portrays Kahlo with an image of fellow-artist and sometime husband Diego Rivera (they were married twice) painted on her forehead.

Sotheby's said 1940 marked a pivotal year in Kahlo’s life, marked by her turbulent relationship with Rivera and ongoing health challenges.

The artist suffered chronic pain following serious injuries incurred in a bus accident. She had also been stricken by polio as a child.

The bed became a crucial symbol of challenge and resilience in Khalo's work, said Sotheby's, while the skeleton which she kept above it served as a reminder of mortality and tradition.

‘El sueño (La cama)' formed part of Sotheby's private collection auction 'Exquisite Corpus', which featured surrealist works including pieces by René Magritte, Salvador Dali and Jean Arp.