Proceeds Of The Sale Will Benefit The Ray Of Light Foundation

NEW YORK (CBSNewYork/AP) — The “Material Girl” has made a pretty penny from an art auction, but she won’t be keeping the cash.

A French painting owned by Madonna sold at a New York City auction for $7.2 million on Tuesday.

“Three Women at the Red Table’,” the 1921 abstract work by Fernand Leger, had a pre-sale estimate of $5 million to $7 million.  Sotheby’s auction house hasn’t said who bought the piece.

Proceeds of the sale will benefit the Ray of Light Foundation, which supports girls’ education in Afghanistan, Pakistan and other countries.

Madonna said she wanted to “trade something valuable for something invaluable” in countries where female education is rare or nonexistent. She bought the work at Sotheby’s in 1990 for $3.4 million.

Leger created the work in 1921 as part of a series depicting women with still-life compositions.

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