Ivan Konstantinovich Aivazovsky Work Sells for $98,500 to Deliver a 31% Annualized Return

Ivan Konstantinovich Aivazovsky, Ship on the high seas (1888), sold for $98,500 (CHF78,000), more than nine and a half times the low estimate at Koller Auktionen in Zurich on March 27.

The sale beat the previous auction result for this work by $84,900, equivalent to an annualized return of 31%. It last sold at auction in 2018 for $13,500 at Bonhams.

Pencil, gouache and wash on paper, 20.0 x 30.0cm. The work has been traded once in the past.