Lucio Fontana Work Sells for $1.39m to Deliver a 9% Annualized Return

Lucio Fontana, Concetto spaziale (1952) sold for $1.39m, more than the low estimate at Sotheby's in New York on May 15.

The sale beat the previous auction result for this work by $1.23m, equivalent to an annualized return of 9%. It last sold at auction in 2001 for $163,600 at Christie's.

Oil and glitter on canvas paper laid down on board, 80.3 x 79.7cm. The work has been traded 4 times in the past.