Gerhard Richter painting sells for $37 million in NYC auction
A monumental 20th-century masterpiece by German artist Gerhard Richter has sold for $37 million at a New York City auction.
Sotheby's says "Domplatz, Mailand" 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 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.