A world record was expected and collectors weren’t disappointed. A large “townscape” painting by Egon Schiele sold for $40.1m at Sotheby’s Impressionist & Modern Art sale in London earlier today. Vienna’s Leopold Museum offered the 1914 “Houses With Laundry (Suburb II) to settle what’s been described as one of the “world’s longest art restitution cases.” Sotheby’s tally for the evening sale was $155.8m–considerably less than the $227m total recorded at Christie’s the previous evening .
Marc Poltimore, a Sotheby’s deputy chairman who reportedly represents Russian buyers, bought the 4-foot-wide painting, which had been estimated at $35.4m-$48.2m. The previous record for a Schiele was the $22.4m paid in 2006 for another townscape.
Read more at Bloomberg.