Alfred Stieglitz's portrait of Georgia O'Keeffe brought one of the top results in Phillips' sale of Important Photographs from the Collection of Dr Anthony Terrana on April 3.
The platinum palladium print sold for $302,500, the second highest price in the sale. Top lot went to Diane Arbus' Identical Twins, which set a new world record for the artist at $602,500.
The Georgia O'Keeffe print was made in 1919, and was gifted by Stieglitz to the artist's own personal collection. It was then given by O'Keeffe to Doris Bry, her personal and professional assistant, so was sold with impeccable provenance.
Both photographs were consigned from the collection of Dr Anthony Terrara, which is described by the auction house as a "breathtaking survey of the history of photography".
"The collection of Dr. Anthony Terrana totalled over $5m, which demonstrates Phillips' strength in successfully offering private collections and reaching outstanding results, such as Diane Arbus' new world auction record. We are confident that the international demand for photographs will continue to develop," commented Phillips' Vanessa Kramer Hallett.
Following the Stieglitz print was Irving Penn's Harlequin Dress (Lisa Fonssagrives-Penn), which sold for $290,500. Another palladium print, this striking shot depicts Penn's wife, Lisa Fonssagrives-Penn, who is widely credited with bring the world's first supermodel. Born in Sweden in 1911, she worked with some of the world's best-known fashion photographers, and was previously married to Parisian photographer Fernand Fonssagrives.
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