Josef Albers Work Sells for $1.12m to Deliver a 10% Annualized Return

Josef Albers, Study for Homage to the Square: Gobelin (1962), sold for $1.12m (GBP832,000), more than twice the low estimate at Sotheby's in London on March 4.

The sale beat the previous auction result for this work by $1.09m, equivalent to an annualized return of 10%. It last sold at auction in 1988 for $28,200 at Sotheby's.

Oil on masonite, in artist's chosen frame, 76.2 x 76.2cm. The work has been traded 9 times in the past.