Laszlo Moholy-Nagy's Untitled (FGM78) headlined Sotheby's May 23 photography sale in London, realising £125,000 ($192,671).
The photogram dates to the early 1920s and is one of a series produced by the Hungarian artist around this time.
Photograms are produced by placing an object on photographic paper and exposing it to light.
Sotheby's explained prior to the sale: "This photogram is one of the ten subjects from what is known as the 'Giedion portfolio', produced around 1929.
"The aim was to publish these in a limited edition of twenty, but it remains uncertain whether the complete edition was ever achieved. The whereabouts of the original is unknown.
"A spiral shaped object may have been used, as it is achieving a three-dimensional spatial effect. Working with such three-dimensional paper shapes is something Moholy-Nagy took up again in later work phases."
Peter Beard's Loliondo Lion Charge (1964) also sold well, achieving £112,500 ($173,404).
The piece is typical of Beard's work, which combines writing, photography and collage. It relates his encounter with a lion and is created using unconventional media, including the artist's own blood.
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