Raoul Dufy's Le Nu Aux Arums, also known as The Nude With Lilies, sold for €275,100 ($360,000) at a Belgian art auction on March 10, comfortably within its €220,000-300,000 estimate.
The work, produced by the French Fauvist painter in 1929, is a prime example of his pioneering colourful style.
Dufy's distinctive brushstrokes influenced several other forms besides painting, including ceramics and textiles and even decorative schemes for public buildings.
Among the artist's achievements was his completion of the vast La Fée Electricité in 1937. The piece, an ode to electricity, was shown at that year's Exposition Internationale in Paris.
Dufy works are proving themselves highly popular with collectors, as shown by the upward trend of prices at auction.
In 2000, Sotheby's New York auctioned Dufy's Les Mannequins De Poiret Aux Courses A L'ombrelle Bleue for $159,750, while his La Foire Aux Oignons made £4m at Sotheby's London in 2007.
Dufy's compatriot Renoir is also a major hitter at auctions, with his Dans Les Roses having achieved $23.5m in 2003, and his Les Rosiers À Wargemont making $7.51m in 2004.
We currently have a superb handwritten signed letter from Renoir available, at a far less eye-watering price: £6,950 ($10,880).
The Belgian sale also saw Paul Klee's Tierwahn achieve €183,000 ($240,000), 204% up on its €60,000 high-end estimate.
Paul Fraser Collectibles will continue to bring you detailed coverage of future developments in the European art market, so make sure you check back here regularly over the coming months.