An abstract painting titled "Abstraktes Bild (809-4)", by German artist Gerhard Richter has sold for $34.2 million, setting a new record for the price paid at auction for the work of a living artist, Sotheby's auction house in London said, Reuters reported. The painting, from the collection of rock guitarist Eric Clapton, was sold to anonymous buyer after five minutes of bidding late on Friday. The sale shattered the previous 2010 record of $28.6 million paid for Jasper Johns' "Flag" at Christie's auction house in New York in 2010. Richter's red, yellow and black oil on canvas had been estimated to fetch $14-19 million. "The combination of outstanding provenance and gold-standard quality in this sublime work by this blue-chip artist made for an historic auction moment," said Alex Branczik, senior director at Sotheby's and head of the sale. The top end of the art market has performed strongly in recent years despite a faltering global economy, according to Reuters.
