Andy Warhol's renowned silkscreen picture of Marilyn Monroe from 1964 sold at auction for $195 million, setting a new record for an American artist's work.

Shot Sage Blue Marilyn is a series of portraits Warhol created of the actress after her death in 1962 and has since become one of pop art's most recognizable works.

On Monday, Christie's in New York sold a painting from the collection of Swiss art dealers Thomas and Doris Ammann. Pre-sale expectations ranged up to $200 million.

The picture was sold for $170 million at auction, and the total price was $195 million after fees.

The previous record for an American artwork sold at auction was $110.5 million, established in 2017 for a painting by Jean-Michel Basquiat from 1982.

In a statement announcing the auction, Alex Rotter, chairman of 20th and 21st Century art at Christie's, "Shot Sage Blue Marilyn is the absolute pinnacle of American pop." The picture transcends the genre of portraiture and the art and culture of the 20th century.

The painting is based on a promotional photo of Marilyn Monroe from the 1953 film Niagara, which displays vivid colors over her eyes, hair, and lips.

A bullet did not injure shot Sage Blue Marilyn during an incident in Warhol's studio in which a lady fired a pistol at a stack of four Marilyn images.

Monroe was one of Hollywood's most recognizable stars before her overdose death at her Los Angeles home on August 4, 1962.

Warhol passed away in 1987.