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updated: 5/15/2013 7:47 AM

Richter painting sells for $37 million in NYC

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  • Sotheby's employees with Gerhard Richter's 1968 oil on canvas painting 'Domplatz, Mailand' in London.

      Sotheby's employees with Gerhard Richter's 1968 oil on canvas painting 'Domplatz, Mailand' in London.
    Associated Press

 

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 Chicago-based Hyatt Hotels Corporation. Some of the proceeds will be used to acquire new art for its hotels.

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