Renowned artist Francis Bacon's masterpiece, 'Triptych', has set a new record in sales by fetching a whopping 43 million pounds at an auction in New York.

Beating the previous record of 27 million pounds paid for 'Study For Innocent X', the triptych was sold at Sotheby's by a private collector from Europe.

The collector was the owner of the piece since it was first exhibited in Paris in 1977.

Bacon, one of the most prominent contemporary artists of his era, died from a heart attack in Madrid in 1992.