A collection of photographs from Polaroid auctioned by Sotheby's this week raised nearly $12.5 million, or more than $1 million more than anticipated, according to the auction house.

The auction included small colour images of the late US senator Ted Kennedy and actress Farrah Fawcett taken by Andy Warhol along with Chuck Close's gigantic 9-Part Self Portrait.

The Ansel Adams image, Clearing Winter Storm, Yosemite National Park was sold for $722,500, a record for the renowned US photographer, and well ahead of the estimated $300,000 to $500,000 price.

Record prices were set for Warhol as well with $254,000 for his Self-portrait (Eyes closed) and $146,500 for Self-portrait (Grimace).

The auction was ordered by a bankruptcy court in northern Minnesota and proceeds from the sale will go to creditors of the failed company. Polaroid has filed for bankruptcy twice, in 2002 and 2009.

Ranging from classic Polaroid snapshots to rare gelatin silver prints, the collection was amassed over the years by Polaroid company founder and inventor (1948) Edwin Land and his technical director and photographer Adams, 400 of whose snapshots were included.

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