Piet Mondrian’s Composition No III Fetches $50.6 Million at New York Auction

Piet Mondrian’s 1929 oil painting Composition No III, with Red, Blue, Yellow and Black has sold for $50.6 million at a New York auction.

The sum is an auction record for the Dutch artist’s work.

The painting features the geometric style for which the artist became renowned.

The sale price, which includes a 12% buyer’s premium, was more than twice its estimate of $15million to $25 million.

Piet Mondrian’s previous auction record was $27.6 million.

The auction capped two weeks of sales that have brought in record sums of money at both Christie’s and Sotheby’s auction houses.

Christie’s alone took more than $1.3 billion during the course of its two days sales this week.