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