A painting of Christ by Leonardo da Vinci has sold for a record-breaking figure of $450 million (£341 million) in New York.

The 500-year-old Salvator Mundi (Latin for Saviour of the World) is believed to be the work of renowned Italian Renaissance artist Leonardo da Vinci, who also crafted iconic works such as the Mona Lisa and The Last Supper.

Of his known surviving paintings (of which there are fewer than 20), Salvator Mundi is the only one believed to be in private hands, according to BBC News. Despite selling for just £45 at auction in 1958 – when it was believed not to be the work of da Vinci but a follower – the painting last night went for $450.3 million to an unidentified telephone bidder at Christie's auction house in New York.

Having leapt from a starting bid of $100 million, the purchase has set a new world record as the highest amount paid for a work of art.

Old Masters expert Dr Tim Hunter told the BBC that the rarity of the Salvator Mundi – a long-lost work which only resurfaced in 2005 – makes it 'the most important discovery in the 21st Century'.

But the work is controversial not only because some still question its authenticity but also for its damaged condition – it has seen substantial restoration. Nonetheless, Christie's marketed the painting as 'the male Mona Lisa' while New York Times critic Jason Farago likened its Wednesday reception to that befitting a 'holy relic'.

The name Salvator Mundi belongs to a type of Christ-image that usually depicts the Messiah 'close-up', dispensing a blessing to the viewer, according to The National Gallery, who exhibited da Vinci's Salvator in 2011. The crystal orb in Christ's left hand represents his divine dominion over creation.