Richard Estes Work Sells for $83,000 to Deliver a 1% Annualized Return

Richard Estes, Bar in Italy (1978) sold for $83,000, more than two and a half times the low estimate at Bonhams in Los Angeles on March 12.

The sale beat the previous auction result for this work by $28,100, equivalent to an annualized return of 1%. It last sold at auction in 1987 for $55,000 at Christie's.

Oil On Board, 45.7 x 31.1cm. The work has been traded 3 times in the past.