Josef Albers Work Sells for $981,600 to Deliver a 5% Annualized Return

Josef Albers, Study for Homage to the Square: Warm Silence (1971), sold for $981,600 (GBP742,400), more than one and a half times the low estimate at Christie's in London on October 14.

The sale beat the previous auction result for this work by $631,600, equivalent to an annualized return of 5%. It last sold at auction in 2005 for $350,000 at Christie's.

Oil on masonite, 60.6 x 60.6cm. The work has been traded 3 times in the past.