Pablo Picasso's painting “Femme Assise” (1909) was sold for $63.4 million at a Sotheby's London auction on Tuesday, CNN reported.

Thus, the painting became the most expensive cubist painting which has been ever sold at auction.

The painting depicts Picasso's lover and model Fernande Olivier.

Joseph Fernand Leger’s painting “The Woman in Blue” was sold for $39.2 million at auction in 2008, becoming the most significant cubist paintings that appears in a private collection.