Gerhard Richter's Wand (1994) will auction at Sotheby's

Wand (1994), an important work by Gerhard Richter, is to headline Sotheby's Contemporary Art Evening Sale in London on February 12 with a £15m ($25m) estimate.

The painting has featured in 21 major exhibitions - with this being the first time it has ever appeared at auction.

Gerhard Richter Wand Sotheby's
Richter painted Wand using his squeegee technique, which he developed in the 1980s

Cheyenne Westphal, Sotheby's chairman of contemporary art in Europe, remarked: "This is an incredible time for Richter. Recent exhibitions of his work, as well as the film by Corinna Belz, with all its fascinating detail about his working practice, have cemented his place as one of the greatest artists of our time.

"This excitement for Richter has also been evident in our salerooms, culminating in the £24.2m ($37.1m) paid for Domplatz, Mailand in May 2012 which established a new record for any living artist."

The piece draws on the work of Richter's predecessors in the field of abstract expressionism - taking Rothko's deep colour meditations as its springboard.

The price point of the artist's work is advancing as recognition of his contribution to late 20th century art grows among collectors.

Recent sales have seen his paintings, including (5.2.91) and an untitled piece, significantly outperform their estimates - a trend that looks set to continue as demand grows.

Lucian Freud's Head on a Green Sofa will also feature in the auction.

You can read Wikicollecting's list of the top 10 most valuable Gerhard Richter paintings sold at auction here.

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