David Hockney Work Sells for $846,700 to Deliver a 8% Annualized Return

David Hockney, Study for Olympic Poster (1970), sold for $846,700 (GBP635,000), more than the low estimate at Christie's in London on March 5.

The sale beat the previous auction result for this work by $582,900, equivalent to an annualized return of 8%. It last sold at auction in 2012 for $263,800 at Sotheby's.

Coloured pencil and graphite on two adjoined sheets of paper, 85.4 x 63.0cm. The work has been traded 3 times in the past.