Gerhard Richter Work Sells for $15.24m to Deliver a 10% Annualized Return

Gerhard Richter, Korsika (Schiff) (1968) sold for $15.24m, more than one and a half times the low estimate at Christie's in New York on May 12.

The sale beat the previous auction result for this work by $13.91m, equivalent to an annualized return of 10%. It last sold at auction in 2000 for $1.33m at Christie's.

Oil on canvas, 86.0 x 91.1cm. The work has been traded 5 times in the past.