Fresh from an estimate smashing performance for an untitled work at Sotheby's on September 21, collectors of Gerhard Richter have a further opportunity to buy one of the artist's leading works in November, when his Prag 1883 comes to auction.

Produced in the German artist's breakout year of 1983, the abstract work is a celebration of author Franz Kafka's birthplace and centenary.

Gerhard Richter’s Prag 1883 has a $15m valuation

The large 250cm by 250cm work, estimated to achieve $15m, comes from the collection of renowned art collector Steve A Cohen, having previously been owned by the Duke of Bavaria, Franz Bonaventura Adalbert Maria von Wittelsbachas.

"Richter is certainly the greatest abstract painter working today and Prag 1883 contains the genesis of all his ideas on abstraction," commented Brett Gorvy, Sotheby's international head of post-war and contemporary art.

"With this picture, Richter shows himself to be the rightful heir to an abstract tradition that includes Kandinsky, Rothko and de Kooning.

It will provide one of the major attractions at Christie's Post-War and Contemporary Art sale in New York on November 14 - we will bring you further previews closer to the time.

Richter is proving immensely popular at auction.

The current world record for the artist stands at $21.8m, achieved by his Abstraktes Bild (798-3) at Christie's in May 2012, while he was 2011's best selling living artist.

"The market for such a rare and historic masterpiece is probably our most global and we anticipate museums and private collectors to strongly compete to own this," added Gorvy.

View Paul Fraser Collectibles' own collection of investment grade artworks and artists' autographs here.