Christo Work Sells for $55,700 to Deliver a 2% Annualized Return

Christo, Package (1963) sold for $55,700 (GBP40,600), more than the low estimate at Phillips in London on June 26.

The sale beat the previous auction result for this work by $28,700, equivalent to an annualized return of 2%. It last sold at auction in 1994 for $27,000 at Sotheby's.

Fabric and cord, 43.2 x 33.5 x 15.0cm. The work has been traded 3 times in the past.