Emil Nolde Work Sells for $1.69m to Deliver a 1% Annualized Return

Emil Nolde, Blumengarten (Bonde) (1909), sold for $1.69m (GBP1.27m), less than the low estimate at Christie's in London on March 5.

The sale beat the previous auction result for this work by $733,200, equivalent to an annualized return of 1%. It last sold at auction in 1988 for $960,100 at Sotheby's.

Oil on canvas, 73.5 x 88.5cm. The work has been traded 4 times in the past.