Jean Dubuffet Work Sells for $1.5m to Deliver a 2% Annualized Return

Jean Dubuffet, Le Cérémonieux (1954) sold for $1.5m, less than the low estimate at Sotheby's in New York on November 18.

The sale beat the previous auction result for this work by $800,000, equivalent to an annualized return of 2%. It last sold at auction in 1998 for $700,000 at Sotheby's.

Oil And Enamel On Canvas, 130.2 x 88.9cm. The work has been traded 3 times in the past.