Emil Nolde Work Sells for $115,400 to Deliver a 1% Annualized Return

Emil Nolde, Watercolor with Seven Flowers, sold for $115,400 (GBP86,400), more than one and a half times the low estimate at Christie's in London on March 6.

The sale beat the previous auction result for this work by $32,600, equivalent to an annualized return of 1%. It last sold at auction in 2006 for $82,800 at Christie's.

Gouache and watercolor on paper, 46.7 x 34.8cm. The work has been traded once in the past.