A PICASSO painting has fetched twice its estimated value in a dramatic bidding war at Sotheby’s in New York.

The 1932 oil painting ‘Le Sauvetage’ sold for more than $31 million after tense bidding sent it surging far beyond its estimated pre-sale price.

The work – last sold a decade ago – was expected to fetch between $14 and $18 million.

It was one of 14 works by the Spanish surrealist master in Sotheby’s Impressionist and Modern Art collection.

In total, eight lots sold for an impressive $62 million.

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