Kandinsky painting expected to set record in NY
New York: A painting by Wassily Kandinsky is expected to set a record for the Russian-born artist when it sells at a New York auction.
Christie's says "Study for Improvisation 8" is estimated to bring USD 20 million to USD 30 million at its impressionist and modern art sale November 7.
The brightly colored 1909 oil depicts pilgrims and a swordsman in the old city of Kiev.
It's being offered for sale by the Volkart Foundation, a charitable arm of the Swiss commodities trading firm Volkart Brothers. Proceeds from the sale will benefit the foundation.
The painting has been on loan to the Kunstmuseum Winterthur in Switzerland for a half century.
Kandinsky's "Fugue" holds the current auction record for the artist. It sold for USD 20.9 million in 1990.