Lily Safra was the buyer of the $104.3 million Giacometti `Walking Man I’ according to an article by Bloomberg News’ London art market correspondent Scott Reyburn. The news quells speculation that the buyer was Russian, Asian or from the Middle East. Hong Kong collector Joseph Lau was among unsuccessful bidders, according to Reyburn.

Safra’s identity as the buyer is attributed to a pair of unnamed London-based dealers in Reyburn’s story.

The work sold at Sotheby’s in London on Feb. 3 for 65 million pounds, achieving a record as the most expensive artwork sold at auction. Safra is the widow of Lebanese banker Edmond J. Safra who died in 1999. Read Reyburn’s story here.