Richter painting sells for $37 million in NYC

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by Associated Press

Associated Press

Posted on May 15, 2013 at 8:05 AM

Updated Wednesday, May 15 at 2:06 PM

NEW YORK (AP) — A monumental 20th-century masterpiece by German artist Gerhard Richter (GEHR'-hahrd RIHK'-tur) has sold for $37 million at a New York City auction.

Sotheby's says "Domplatz, Mailand" (DOHM'-plahtz MY'-lahnd) set a record for any living artist at auction. It was purchased Tuesday by a private American collector.

The 9-foot-by-9-foot oil was commissioned by Siemens Elettra (ZEE'-mehns eh-LEHT'-truh) in 1968 for its Milan offices.

It is considered an outstanding example of Richter's 1960s photo-painting technique. The work depicts a shopping center facing Milan's cathedral.

It was offered for sale by the Hyatt Hotels Corp. Some of the proceeds will be used to acquire new art for its hotels.

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