David Hockney Work Sells for $2.49m to Deliver a 6% Annualized Return

David Hockney, Terrace Hollywood Hills House with Banana Tree (1982) sold for $2.49m, more than twice the low estimate at Sotheby's in New York on May 16.

The sale beat the previous auction result for this work by $2.2m, equivalent to an annualized return of 6%. It last sold at auction in 1990 for $290,000 at Sotheby's.

Gouache and graphite on paper, 129.8 x 167.3cm. The work has been traded 3 times in the past.