Nov. 11 (Bloomberg) -- Andy Warhol’s 1962 “200 One Dollar Bills” fetched $43.8 million tonight at Sotheby’s contemporary- art auction in New York.

The seller was London-based collector Pauline Karpidas, according to two people familiar with the situation. Karpidas couldn’t immediately be reached for comment.

The work, estimated to sell for $8 million to $12 million, is among the artist’s earliest silkscreen paintings, a process that became his signature technique. The 7 1/2-foot wide canvas comprises repetitive images of 200 one-dollar bills, reproduced in tones of black on grey, with a blue treasury seal.

The buyer was an undisclosed telephone bidder.

Just two of 54 lots didn’t sell; the auction totaled $134.4 million, against the company’s pre-sale estimate of $97.7 million. Estimates don’t include commission.

To contact the reporters on this story: Lindsay Pollock in New York at lindsaypollock@yahoo.com; Philip Boroff in New York at pboroff@bloomberg.net.

Last Updated: November 11, 2009 20:53 EST