David Hockney Work Sells for $856,200 to Deliver a 5% Annualized Return

David Hockney, Red Leather Chair (2003), sold for $856,200 (GBP645,000), more than the low estimate at Phillips in London on October 15.

The sale beat the previous auction result for this work by $457,800, equivalent to an annualized return of 5%. It last sold at auction in 2013 for $398,500 at Christie's.

Watercolour on four joined paper sheets, 121.5 x 91.5cm. The work has been traded twice in the past.