The most expensive drawing by an Old Master is the ‘Head of a Muse’ by Raphael (1483-1520) which sold for £29,200,000 ($47,788,400), on 9 December 2009 at Christie’s, London, UK.

Head of a Muse was drawn by Raphael as a study for a figure in Parnassus, one of the series of four frescoes in the Stanza della Segnatura in the Vatican which was commissioned by Pope Julius II.