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A new world record for the most expensive falcon ever sold has been set at a Saudi auction after a US white Gyrfalcon fetched nearly half a million dollars, Daily Mail reports.

The white Gyrfalcon (Falco rusticolus) was sold for SAR 1.75 million (£337,400) at the International Falcon Breeders Auction (IFBA).

The auction was held at the organisation's headquarters in the city of Malham, just over 40 miles north of the Saudi Arabian capital Riyadh on Sunday.

The falcon is under one year old and comes from the American Pacific Northwest Falcons farm, which is deemed to be one of the best breeding farms in the world, according to the Saudi Press Agency.

The bird that fetched the record auction bid measures 16.5 inches long and weighs 34.5 oz.

The annual auction drew participants from breeding farms from 14 different countries this year and was broadcast live on Saudi television and on social media, while the prized white Gyrfalcon saw fierce bidding from interested parties.

Falconry has a long and rich history throughout the Middle East, with the wealthy known to often spend large sums of money to acquire the birds, but this is the first time that one has sold for such a high amount.