Richter painting sells for $37 million in NYC

AP News

5/15/2013 7:38:15 AM - AP News

NEW YORK (AP) — A monumental 20th century masterpiece by German artist Gerhard Richter (GEHR'-hahrd RIHK'-tur) has sold for $37 million at a New York City auction.

Sotheby's says "Domplatz, Mailand" (DOHM'-plahtz MY'-lahnd) 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 (ZEE'-mehns eh-LEHT'-truh) in 1968 for its Milan offices.

It's 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 Corporation. Some of the proceeds will be used to acquire new art for its hotels.