A painting by South Korean abstract artist Kim Whan-ki broke the auction record for a Korean art piece, selling at eight-point-five billion won, or seven-point-nine million U.S. dollars.
 
The painting, titled "3-II-72 #220," met its new owner at Seoul Auction's Hong Kong Sale on Sunday.
 
The auction house said that the successful bidder will have to pay over ten billion won for the purchase, including 18 percent as commission. 
 
Another piece of Kim's artwork previously sold at six-and-a-half billion won in April last year, which was also a record-breaking price at the time.