Francis Picabia Work Sells for $993,500 to Deliver a 9% Annualized Return

Francis Picabia, Untitled (Espagnole) (1925) sold for $993,500 (GBP730,300), more than the low estimate at Sotheby's in London on September 17.

The sale beat the previous auction result for this work by $872,300, equivalent to an annualized return of 9%. It last sold at auction in 2003 for $121,300 at Libert.

Oil and ink on board, 104.3 x 75.1cm. The work has been traded 4 times in the past.