An Andy Warhol painting ‘200 One Dollar Bills’ sold for an amazing $43.8 million. The highest presale estimate was of $12 million, but it sold for 3 times that, at a whooping $43.8 million.

This painting, which was one of Andy Warhol’s first silk-screen paintings, was sold at Sotheby’s on Wednesday evening. The auction house refused to reveal the names of the buyer and seller, citing privacy concerns. It is however learnt that the buyer was bidding on the telephone.

According to records, this particular painting was made, ages ago in 1962, and ‘200 One Dollar Bills’ was once owned by taxi tycoon Robert C. Scull, who had purchased it directly from Andy Warhol’s dealer.

The New York Times reported that five bidders battled it out on Wednesday. The bidding started from $6 million, for the 1962 work, which ultimately sold to an unidentified buyer for three times its high estimate of $12 million.

“I think the painting was worth it. It was rare and great,” Philippe Segalot, a Manhattan art dealer who bid unsuccessfully on the historic painting, “And the appealing estimate helped encourage bidding. It was really Warhol’s night.”