Max Ernst Work Sells for $1.09m to Deliver a 5% Annualized Return

Max Ernst, Nuit claire (1943) sold for $1.09m (EUR982,800), more than twice the low estimate at Christie's in Paris on April 9.

The sale beat the previous auction result for this work by $1.02m, equivalent to an annualized return of 5%. It last sold at auction in 1972 for $64,000 at Sotheby's.

Oil, decalcomania, scraping, and spritzing technique on paper laid down on canvas, 65.2 x 81.0cm. The work has been traded 5 times in the past.