Nils Dardel's (1888-1943) The Waterfall has raised the Swedish post-impressionist's world record by 92.3% at an auction in Stockholm.
The 1921 work sold for $3.7m at the sale, surpassing the $1.9m achieved by his The Dying Dandy in 1988.
Painted in Paris, where Dardel had moved to study in 1910, The Waterfall now also has the distinction of being the most valuable Swedish modernist painting ever auctioned.
Anna-Karin Pusic, head of the auctioneer's art department, commented: "The work attracted a great deal of attention already before the auction. The Waterfall is, after all, considered to be Dardel's most important work along with The Dying Dandy."
The work depicts Dardel's ill-fated love affair in Japan in 1917.
"The painting clearly shows how, under the influence of Japanese art, Dardel's work changed direction after he became familiar with Japanese composition," states the auction house.
The work was consigned by businessman and art collector Fredik Roos, who acquired it from Dardel's grandson. Its new owner has so far chosen to remain anonymous.
The auction also featured Lucio Fontana's (1899-1968) Concetto Spaziale, Attese, which sold within estimate for $239,517.
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