Will Kazimir Malevich painting earn $60 million at Sotheby's auction?

Suprematist Composition (1916) by Kazimir Malevich, via Art Daily

Sotheby’s is confident that it will break the $20.9 million record set for the sale of Russian art at auction by Kandinsky set in 1990. Leading the charge is Suprematist Composition, composed by Kazimir Malevich in 1916. Suprematist Composition is widely considered a masterpiece of early 20th century avant garde art. In fact, Sotheby’s has stated that the painting is “one of the greatest modern paintings ever offered for sale.”

The Malevich painting is expected to earn $60 million dollars at auction when it goes on sale at the Impressionist and Modern Art auction on November 3rd. The painting hit the market after Malevich’s heirs recouped it from the Stedelijk Museum in Amsterdam. Critics have mentioned that Sotheby's is taking a blod risk considering the deterioration of global stock markets. For example, the Russian Stock Market has been hit hard with a 61% decline since May.

Links of Interest:

Malevich Painting May Fetch More Than $60 Million [Bloomberg]
Heirs to Auction Russian Painter’s Work [New York Times]
Sotheby’s: Suprematist Composition (1916), Lot #6, Impressionist and Modern Art Fall Sale [Sotheby's]
Sotheby’s expect Malevich to smash Russian record [Reuters]