A naked photograph of Madonna has sold for almost $24,000.

The black and white picture - which was taken in 1990 and depicts the singer lying on a bed while smoking a cigarette and partially covered by a sheet - was bought by an unnamed collector for $23,750, three times its estimated worth.

Judith Eurich from Bonhams, the New York saleroom which sold the picture, said: "It is an absolutely stunning image and it is just a beautiful tone of grey. It is not just black and white it is grey and silvery.

"Madonna was posing for a number of photographers at the time this was taken in the 1990s when she was in her early 30s.

"She was going through a phase of having bleach blonde hair and heavy dark eye make-up that gave her a dramatic look - and of course she has a gorgeous body.

"She is a very healthy person and I'd imagine the cigarette is just a prop to make her look sexy and sultry."

The 21.5 inch by 19 inch picture was originally bought by the vendor from a New York gallery. The photograph was taken by Steven Meisel - who worked on Madonna's 'Sex' book - and was signed and annotated "ed no.1".