A bronze statue by the Swiss artist Alberto Giacometti has broken the record for the most expensive artwork sold at an auction, according to Sotheby's.

The statue, "L'Homme Qui Marche I" ("The Walking Man I"), was sold for $104.3 million at a recent London auction. The artwork was reportedly expected to fetch $20 million to $30 million. It was owned by Commerzbank, a German bank that inherited the work when it acquired Dresdner Bank.

The selling price barely beats the previous record of $104.2 million for Pablo Picasso’s “Garcon a la Pipe” in 2004, according to a report in Bloomberg.