Kasimir Malevich Work Sells for $4m to Deliver a 8% Annualized Return

Kasimir Malevich, Head of a Peasant (1911), sold for $4m (GBP3.02m), more than one and a half times the low estimate at Sotheby's in London on June 24.

The sale beat the previous auction result for this work by $3.72m, equivalent to an annualized return of 8%. It last sold at auction in 1993 for $280,600 at Sotheby's.

Gouache on card, 44.2 x 44.7cm. The work has been traded 7 times in the past.