Part I of the Bank of New Zealand art collection has sold for more than expected ... going for a cool 13 and a half million dollars

Last night, Webb's Auction House auctioned off the first lot which included pieces from Colin McCahon, Robin White and Tony Fomison .

Webb's Director of Art Charles Ninow says the collection was established in the 1980s and is museum quality.

He says there's been unprecedented interest - and thousands of people around the country saw the collection when they toured it.

But there have been some critics.

One of them is former Prime Minister Helen Clark who says they were bought when the bank was state-owned, and shouldn't be sold to private collectors.

Part II goes under the hammer on Tuesday September 27.