Christo Work Sells for $243,900 to Deliver a 2% Annualized Return

Christo, Surrounded Islands (Project for Biscayne Bay, Greater Miami, Florida) (1982) sold for $243,900 (GBP177,800), more than three and a half times the low estimate at Phillips in London on June 26.

The sale beat the previous auction result for this work by $143,900, equivalent to an annualized return of 2%. It last sold at auction in 1990 for $100,000 at Christie's.

Acrylic, chalk, fabric, paper, crayon, graphite and photograph collage on board, in plexiglas box, in 2 parts, 85.5 x 71.9cm. The work has been traded 3 times in the past.