Joan Mitchell Work Sells for $7.81m to Deliver a 17% Annualized Return

Joan Mitchell, Loom II (1976), sold for $7.81m, more than one and a half times the low estimate at Sotheby's in New York on May 14.

The sale beat the previous auction result for this work by $6.75m, equivalent to an annualized return of 17%. It last sold at auction in 2013 for $1.06m at Christie's.

Oil on canvas, 195.6 x 114.0cm. The work has been traded 3 times in the past.