'Blackboard' painting goes for record $70.5 mn in NY

It may look little more than blackboard scrawls to the untrained eye, but a Cy Twombly work fetched $70.53 million in New York on Wednesday, setting a new auction record for the painter. A smattering of applause broke out in the room after bidding concluded for the star lot of Sotheby's main evening post-war and contemporary art auction of the season. It marked a phenomenal investment for a picture that British collector Charles Saatchi sold for $3.7 million in 1990.