In 2012, Christie's auctioned Kandinsky's Study for Improvisation 8, a 1909 view of a man
wielding a broadsword in a rainbow-hued village, for $23 million. The painting had been on loan to
the Kunstmuseum Winterthur, Switzerland, since 1960 and was sold to a European collector by the
Volkart Foundation, the charitable arm of the Swiss commodities trading firm Volkart
Brothers. (Christie's New York, 7 November 2012, SALE 2594 LOT 47).