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If we’re judging by auction prices alone, though, the market was still considerably less frothy at the high end this year than in 2019.

On October 18, Poly Auctions in Beijing sold the painting once again—but for more than 75 times that price.

This time around, it sold for $38.7 million, clearing the $35 million low estimate—but a far cry from the $50 million high.

It last sold at Christie’s Hong Kong in 2005 for HK$16.3 million ($2.1 million).

It last sold at auction for $1.2 million in 1998; Perelman reportedly bought it privately in 2002.

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