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Gerhard Richter’s “Wall” Sold for $28.7 Million at Sotheby’s

Sotheby’s Contemporary Art Evening auction on Wednesday totalled £88 million ($144,6 million). The top lot of the sale was Gerhard Richter’s monumental Wand (Wall) (1994) which sold for £17,4 million ($27,8 million), up from an initial estimate of £15 million. This is the third highest price for any painting by the artist, and the second highest price for one of his abstract works.

Gerhard Richter's "Wall" Sold for $28.7 Million at Sotheby's

The painting, never before seen at auction, was held by Richter to be a work of such importance that he chose to keep it in his personal collection for over 15 years, singling it out as a keynote work for many important museum exhibitions.

Over two-thirds of the works offered at Wednesday night’s sale had never been seen at auction, including Cy Twombly’s Untitled (Rome), Alberto Burri’s Rosso Plastica, Lucian Freud’s Head on a Green Sofa and Frank Auerbach’s Morning – Mornington Place.

Also, a new auction record was set for a painting by Cy Twombly when Untitled (Rome) from 1964 sold significantly above estimate to a round of applause for £12,2 million ($20 million), from an estimate of £5-7 million. That is the second highest price ever paid for any work by the artist after his Poems to the Sea, which had set a new benchmark in New York in November ($21,7 million). Never before offered at auction, this painting was acquired by the consignor in the 1970s.

Andy Warhol’s red canvas Mao (1973) was sought after by three bidders before selling for £7,6 million ($12,5 million) from an estimate of £5,5-7,5 million – almost 20 times the sum it sold for when last at auction (at Sotheby’s London June 2000 £421,500).

Gerhard Richter's "Wall" Sold for $28.7 Million at Sotheby's

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Written by Slamchica

Aleksandra Arsenovic graduated with a degree in economics and has a master degree in tourism. Since she worked as a travel agent, she has traveled around the world and developed an interest in luxurious hotels and exotic destinations. As a big fashion fan, Aleksandra loves expensive and luxury fashion items. As an editor of Extravaganzi she shares her knowledge about travels, fashion and accessories.

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