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Sotheby's Auction House sells 'Young Man Holding A Roundel' for $92M

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One of the last known portraits by a famed Italian renaissance painter has just sold for more than $92M.

Sotheby's Auction House says Sandro Botticelli's "Young Man Holding A Roundel" is now the most expensive work by the artist ever to appear at auction.

The painting is believed to have been produced in the late 1470s.

Sotheby's initially thought it would sell for just $80 million.