Mondrian painting sells for record $50.6m

The painting features the artist's signature style using horizontal and vertical lines on a white background

An oil painting by Dutch artist Piet Mondrian has sold at a New York auction for $50.6m (£32.1m) - a record for the artist's work.

The 1929 piece titled Composition No III, with Red, Blue, Yellow and Black, features the geometric style for which the artist became renowned.

The sale price, which includes a 12% buyer's premium, was more than twice its estimate of $15m-$25m (£10m-£16m).

Mondrian's previous auction record was $27.6m (£17.5m).

The auction capped two weeks of sales that have brought in record sums of money at both Christie's and Sotheby's auction houses.

Picasso's Women of Algiers became the most expensive painting sold at auction earlier this week, fetching $179.3m

Christie's alone took more than $1.3bn (£826m) during the course of its Monday and Wednesday sales this week.

On Monday, Picasso's Women of Algiers became the most expensive painting to sell at auction, fetching $179.3m (£114m) including buyer's premium.

Alberto Giacometti's life-size sculpture Pointing Man also set a record for the most expensive sculpture, selling for $141.3m (£89.8m).

On Wednesday, expressionist Mark Rothko's No 10 sold for $81.9m (£52m), one of the highest sums ever paid for his work.