Rare Mondrian painting to be auctioned for first time, estimated at up to €35 million

A 1920 abstract painting by Piet Mondrian will be offered at auction for the first time this October at Christie’s in London. The auction house describes Composition III as a masterpiece and estimates that the work could sell for between €23 million and €35 million.

Keith Gill, head of modern art at Christie’s, said Composition III was created during a pivotal period in Mondrian’s career. “It was a time when he developed a radically abstract style that would have a profound influence on modern art,” Gill said.

Christie’s says Composition III is the most significant Mondrian work to appear at a European auction since 2009. Two of his works were sold that year: Composition with Blue, Red, Yellow and Black (1922) and Composition I (1920).

Mondrian’s production was incredibly low during this transition period. He completed only eight paintings in total in 1920. Five of those eight are permanently locked away in top museums, including the Tate in London, MoMA in New York, and the Stedelijk Museum in Amsterdam, making Composition III one of the final remaining pieces in private hands.

The record for a Mondrian painting was set in 2022, when Composition No. II (1930) fetched $51 million (€49.4 million) at Sotheby’s in New York.

The painting will officially go under the hammer on October 14 during Christie's London "20/21 Evening Sale", which coincides with London's major Frieze Week. Before hitting the auction block in London, Christie's is taking the rare canvas on a public viewing tour across Europe, stopping in Zurich from September 2 to September 4, and Paris from September 9 to 12 before also going to New York and Hong Kong.

The masterpiece has been tucked away in a private collection and completely unseen by the public for the last 25 years. The painting originates from the prestigious private collection of the legendary American architect Armand P. Bartos and his wife, Celeste.