Lucio Fontana Work Sells for $16.43m to Deliver a 9% Annualized Return

Lucio Fontana, Concetto spaziale, Il cielo di Venezia (1961), sold for $16.43m, 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 $14.53m, equivalent to an annualized return of 9%. It last sold at auction in 2002 for $1.9m at Sotheby's.

Acrylic on canvas, 150.0 x 150.0cm. The work has been traded 5 times in the past.