Botticelli painting fetches record $92m at NY auction

A portrait by Sandro Botticelli has sold for $92m (£67m) at auction, breaking a new record for the Italian renaissance painter, BBC News reports.

Young Man Holding a Roundel is believed to have been painted in the 1470s or 1480s and is considered one of Botticelli's finest portraits.

It sold on Thursday at a Sotheby's auction in New York.

The sale marks the first major indicator of the state of the art market this year.

Prior to its sale, questions hung over the willingness of global art collectors to pay nine-figure sums for trophy works amid the coronavirus pandemic and market volatility.

The successful sale of the Botticelli piece could help boost prices for other such paintings at a time when many art collectors are chasing newer works from post-war and contemporary artists.