Picasso sells for more than £34m
A "blue period" Picasso has fetched more than £34 million at auction.
Portrait of Angel Fernandez de Soto was purchased for £34,761,250 at the much anticipated Impressionist/Modern Evening sale.
Auctioneers Christie's said the event raised more than £152.5 million - the highest ever total in a UK art auction.
Picasso's piece was from the collection of Lord Lloyd-Webber and was dropped from a New York sale four years ago at the last moment due to an ownership claim.
The dispute, which dated back to a sale in the 1930s, has now been settled and Christie's said the claimants had "withdrawn all claims to the painting".
Sale of the 1903 Picasso will benefit the Andrew Lloyd Webber Foundation, a charity which promotes arts, culture and heritage.
The portrait was purchased by an anonymous telephone bidder.
After the sale Lord Lloyd-Webber said: "I am pleased that my foundation has raised over £30 million, especially in such austere times. This is a significant amount to devote to the foundation's passions - architecture and the sponsorship of young talent in musical theatre."
Christie's said that another of Picasso's works, Le baiser, sold for £12,137,250. One of Monet's celebrated water-lily paintings, the 1906 Nympheas, was expected to fetch up to £40 million but failed to sell.
Masterpieces by Matisse, Renoir and Van Gogh also went under the hammer.