PHOTOS: 'Woman with Fan' Becomes Most Expensive Artwork Ever Sold at Auction in Europe

The last canvas painted by Austrian artist Gustav Klimt before his death has been sold at auction in London for £85.3 million ($108.4 million), according to the Daily Mail.

The auction organizers stated that 'Woman with Fan,' created in 1917, has become the most expensive artwork ever sold at auction in Europe.

The painting was sold by Sotheby's following a 10-minute 'bidding battle.' The sale price surpassed the pre-auction estimate of £65 million ($80 million).

The publication details that this was Klimt's last canvas before his death in 1918, featuring an unknown woman against a backdrop of dragons and lotus flowers.

For reference, the previous record for the most expensive artwork sold at auction in Europe was set by Alberto Giacometti's 'Walking Man I,' which sold for $104.3 million in 2010.