Baile en Tehuantepec by Diego Rivera
‘Baile en Tehuantepec’ by Diego Rivera that sold for $15.75m (£12m) in a private sale brokered by Phillips.

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Painted in 1928, the depiction of zandunga folk dancers has a long exhibition history.

It was first shown in 1930 at The Metropolitan Museum of Art in New York displayed at the IBM Gallery for three decades before being sold for $3m at Sotheby’s New York in 1995.

The new owner following the private sale is reportedly Eduardo F Costantini, founder of the Museo de Arte Latinoamericano de Buenos Aires (MALBA).

He plans to exhibit the painting at his museum next March.