German artist Gerhard Richter's masterpiece fetches $37m at auction

German artist Gerhard Richter's monumental 20th century masterpiece was auctioned off for 37 million dollars on Tuesday in New York City.

According to Sotheby's, the 9-foot-by-9-foot oil 'Domplatz, Mailand' has set a record price for any living artist at auction, the New York Daily News reported.

The painting, which depicts a shopping center facing Milan's cathedral, was commissioned by Siemens Elettra in 1968 for its Milan offices and is considered to be an outstanding example of Richter's 1960s photo-painting technique.