Gerhard Richter Work Sells for $4.47m to Deliver a 9% Annualized Return

Gerhard Richter, Abstraktes Bild (1991), sold for $4.47m (HKD35.06m), less than the low estimate at Christie's in Hong Kong on September 29.

The sale beat the previous auction result for this work by $3.76m, equivalent to an annualized return of 9%. It last sold at auction in 2006 for $712,500 at Christie's.

Oil on canvas, 95.0 x 100.0cm. The work has been traded 3 times in the past.