Gerhard Richter's Untitled (5.2.91) auctions with 125% increase

Gerhard Richter's Untitled (5.2.91) has seen outstanding bids in London, leading Bonhams' Contemporary Art sale on October 16.

Gerhard richter Abstraktes Bild
Richter holds the record for the most valuable living artist, with this piece expected to sell for $25m at Christie's in November

The work was valued at £45,000-65,000, but soon topped this to realise £146,500 ($234,106) - a 125.3% increase. The piece, an oil and watercolour on paper, is a fantastic example of Richter's abstract work.

With Richter's paintings often selling well into the millions, the piece's comparatively low estimate presented mid-level collectors with the rare chance to own the artist's work, accounting for the strong competition and increase on estimate.

On November 12 in New York, Christie's will offer Richter's Abstraktes Bild (809-1) at $25m, with the work looking to top the $34.2m auction record for a living artist.

The Richter work was followed by a superb example from Arman (1928-2005), a French-born American artist who is renowned for using objects in place of paint in his works, which are known as "accumulations".

This piece, entitled Latin's Pride, is a striking work that incorporates acrylic paint, brushes and a broken guitar on canvas. Produced in 1991, it sold for £52,500 ($83,894).

An identical sum was achieved by Banksy's Lenin on Rollerblades, a spray paint stencil on canvas that is numbered 20/25 and signed by stencil on the turnover edge. Executed in 2003, the work is accompanied by a certificate of authenticity from the Pest Control Office.

Always courting controversy, Banksy is currently making waves in New York, where he recently offered works thought to be worth around $30,000 for just $60 each in a secret street sale. The move comes as part of his month long residency in the Big Apple, in which he is creating a new piece of art every day.

Paul Fraser Collectibles is offering a rare original piece from Damien Hirst - among the most affordable Hirsts on the market today.

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