Pablo Picasso Work Sells for $554,700 to Deliver a 6% Annualized Return

Pablo Picasso, Le Prince carnaval (1966) sold for $554,700 (GBP406,400), more than two and a half times the low estimate at Sotheby's in London on July 3.

The sale beat the previous auction result for this work by $394,700, equivalent to an annualized return of 6%. It last sold at auction in 2005 for $160,000 at Sotheby's.

Wax crayon and wash on paper, 54.7 x 45.9cm. The work has been traded 3 times in the past.