11/23/2016 14:32 EST | Updated 11/24/2017 00:12 EST

NewsAlert: Lawren Harris 'Mountain Forms' painting sells for $9.5M

TORONTO — The Lawren Harris painting "Mountain Forms" has set a new Canadian art record selling for $9.5 million at auction in Toronto.

Heffel Fine Art Auction House had estimated the 1926 oil canvas could fetch between $3 million and $5 million.

Last fall, "Mountain and Glacier" set a new high for a Harris painting when it sold for $4.6 million. The sale of the Harris piece has shattered the record set in 2002 when Paul Kane's 1845 oil canvas "Scene in the Northwest - Portrait" sold for just over $5 million, after including the buyer's premium.

Wednesday's sale of "Mountain Forms," which depicts Mount Ishbel in the Sawback Range in the Rocky Mountains, includes an 18 per cent buyer's premium.

The Harris painting was one of the works featured in an exhibit of the late landscape artist that was co-curated by American actor-comedian Steve Martin.

The exhibit was presented at the Art Gallery of Ontario earlier this year, as well as the Hammer Museum in Los Angeles and the Boston Museum of Fine Arts.

More to come.