Paul Klee Work Sells for $85,300 But Delivers a 18% Negative Return

Paul Klee, Festtag im Winter (Winter Holiday) (1927), sold for $85,300 (GBP64,000), less than the low estimate at Sotheby's in London on March 5.

The sale was below the previous auction result by $19,700, realizing a 18% negative return. It last sold at auction in 1996 for $105,000 at Sotheby's.

Watercolour and pen and ink on paper mounted on artist's mount, 14.5 x 29.6cm. The work has been traded 9 times in the past.