Arshile Gorky Work Sells for $2.83m to Deliver a 6% Annualized Return

Arshile Gorky, Virginia Pastel (1943) sold for $2.83m, more than the low estimate at Christie's in New York on May 12.

The sale beat the previous auction result for this work by $2.44m, equivalent to an annualized return of 6%. It last sold at auction in 1995 for $390,000 at Sotheby's.

Crayon, india ink and graphite on paper laid down on canvas, 52.4 x 69.9cm. The work has been traded 6 times in the past.