10/15/2012 07:59 am ET Updated Dec 15, 2012

Why Is Gerhard Richter Worth £21 Million?

Earlier this year even hardened auction room habitués were startled by the $21.8m given in New York for a "squeegee" abstract, which set a new world record.

Now, just five months later, a very comparable work has hurtled to a stratospheric £21.3m.

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