Klimt

The last portrait painted by Gustav Klimt was sold in London on June 27 for 74 million pounds ($94.3 million), setting a new European art auction record.

The celebrated Austrian symbolist's "Dame mit Facher" (Lady with a Fan) went under the hammer at Sotheby's.

Christie's has announced plans to auction the art collection of late Microsoft co-founder Paul Allen, which it estimated to be worth more than $1 billion.

The November sale of more than 150 pieces spanning 500 years of art will be "the largest and most exceptional art auction in history," Christie's said in a statement.

Designed to feature a wide range of art from heritage art to contemporary art, the public art pavilion will display the artworks of several Romanian and foreign artists including Brancusi, Klimt, Rembrandt, Picasso and Chagall.

In the galleries area, Romanian art valued at almost 1.5 million euro will be on display.