Richter’s work, "Abstraktes Bild," from 1994, sold to an anonymous bidder after a five-minute bidding war with another interested party.
According to Sotheby’s, the £21.3 million sale was an auction record for a living artist. It was also a new record for a work by the 80-year-old Richter. In May, one of his paintings sold in New York for $21.9 million (€17 million).
Friday’s sale in London exceeded expectations for the abstract painting, which had been assumed would fetch between £9 million and £12 million, according to the Associated Press.