NEW YORK (CBSNewYork/AP) — A painting by Jean-Michel Basquiat from the collection of Yoko Ono has sold for $10.9 million.

Sotheby’s says the work, titled “Cabra,” was sold Thursday night in New York to an unidentified buyer.

The pre-sale estimate was $9 million to $12 million. Part of the proceeds will benefit the Spirit Foundations, founded by Ono and John Lennon.

“Cabra” was inspired by Muhammad Ali’s 1970 knockout of Argentine heavyweight Oscar Bonavena, known as “The Bull.”

It shows a bull’s skull on a bright red background above a boxing ring. Hieroglyphics denoting a “TKO” — technical knockout — are above the skull.

basquiat 858296962 Yoko Onos Basquiat Painting Sells For Nearly $11 Million

Jean-Michel Basquiat’s Cabra goes on view at Sotheby’s on Oct. 6, 2017 in London. (credit: Tristan Fewings/Getty Images)

The title, “Cabra,” is Spanish for goat. When capitalized, GOAT becomes an acronym for “Greatest of All Time” — a reference to Ali.

In May, a 1982 artwork by Basquiat sold for $110.5 million at Sotheby’s auction of contemporary art.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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