Richter painting sells for $37 million in NYC

Monumental Gerhard Richter canvas sells for $37M in NYC, auction record for living artist

Associated Press
Richter painting sells for $37 million in NYC
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FILE - In this file photo of April 12, 2013, Sotheby's employees pose with Gerhard Richter's 1968 oil on canvas painting 'Domplatz, Mailand' in London. The piece, considered an outstanding example of Richter's 1960s photo-painting technique, depicts a shopping center facing Milan's cathedral. It sold for $37 million at Sotheby's in New York, Tuesday, May 14, 2013. (AP Photo/Lefteris Pitarakis, File)

NEW YORK (AP) -- 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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