German artist's canvas sells for $37M - FOX 10 News | myfoxphoenix.com

German artist's canvas sells for $37M

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

Sotheby's says "Domplatz, Mailand" 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 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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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