$119.9M for Edvard Munch's 'The Scream'

One of the art world's most recognizable images -- Edvard Munch's "The Scream" -- sold for a record $119,922,500 at auction in New York City.

The 1895 artwork -- a modern symbol of human anxiety -- was sold at Sotheby's last night. The price includes the buyer's premium. The buyer's name was not released.

The image of a man holding his head and screaming under a streaked, blood-red sky is one of four versions by the Norwegian expressionist painter. The auctioned piece is the only one left in private hands.

The previous record for an artwork sold at auction was $106.5 million for Picasso's "Nude, Green Leaves, and Bust," sold by Christie's in 2010.

A buzz swept through the room when the artwork was presented for auction as two guards stood watch on either side. Bidding started at $40 million with seven buyers jumping into the competition early. The battle eventually boiled down to two phone bidders as the historic hammer price was finally achieved after more than 12 minutes.

The painting was sold by Norwegian businessman Petter Olsen, whose father was a friend and patron of the artist.

Sotheby's said its version is the most colorful and vibrant of the four and the only version whose frame was hand-painted by the artist to include his poem, detailing the work's inspiration. Proceeds from the sale will go toward the establishment of a new museum, art center and hotel in Norway.