A monumental 20th century masterpiece by German artist Gerhard Richter has sold for $37 million at a New York City auction.
Sotheby's says "Domplatz, Mailand" set a record for any living artist at auction. It was purchased Tuesday by a private American collector.
The 9-foot-by-9-foot oil was commissioned by Siemens Elettra in 1968 for its Milan offices.
It's considered an outstanding example of Richter's 1960s photo-painting technique. The work depicts a shopping center facing Milan's cathedral.
It was offered for sale by the Hyatt Hotels Corporation. Some of the proceeds will be used to acquire new art for its hotels.
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