Richter's Green-Blue-Red auctions for $427,500 in Christie's Parkett sale

Gerhard Richter's 1993 oil on canvas Green-Blue-Red has sold as the top lot in Christie's London auction, Parkett: First Fifty Edition 1984-1997 - a September 26 sale dedicated to the highly respected Swiss art journal.

Gerhard Richter Parkett
With Richter the world's most valuable living artist, this was a fantastic opportunity to own his work at a reasonable price

The auction offered works published in the first 50 editions of Parkett. With many of the exclusive editions now sold out, this was a unique opportunity for collectors.

Richter's Green-Blue-Red is numbered 789-80/115, from an edition of 115 unique works that the artist created for the journal. Selling for £265,875 ($427,261) - 6.8% above estimate - it provided a fantastic opportunity to own the work of the world's most valuable living artist for a reasonable sum.

Gabriel Orozco Light Through Leaves Parkett
Orozco is a Mexican artist, described in the 1990s as 'one of the most influential artists of this decade'

The Richter work was the major success of the sale, with the nearest bids coming from Gabriel Orozco's Light Through Leaves, an inkjet print produced by the artist for Parkett 48 in 1996. The piece is one of an edition of 60, and sold for £10,000 ($16,070), making a 100% increase on its £5,000 high estimate.

No auction of contemporary art is complete without an entry from Andy Warhol, who was the world's top-selling artist in 2012.

A group of machine-sewn photographs that Warhol created for Parkett 12 in 1987, signed and numbered 61/120, brought £7,500 ($12,068).

Sales like this offer opportunities to own a highly respected artist's lesser works, making blue-chip names accessible for mid-level collectors.

Paul Fraser Collectibles has a signed postcard from Pablo Picasso for sale, as well as signed letters from Claude Monet and Pierre-Auguste Renoir.

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