The painting once sold for less than $80 more than 100 years ago has now been auctioned off for 4.8 million euros ($4.9 million) in Austria.
A painting by famous Renaissance artist Titian that once traded for just less than $80 in London more than 100 years ago has been auctioned for a whopping 4.8 million euros in Austria, which is more than three times higher than experts' estimations.
Titian's"Penitent Magdalene," which was considered lost but was recently found in a private collection in London, will be auctioned by the Dorotheum auction house in Vienna, Austria.David Marks paid just 66 guineas for it at a sale at Thirlestane House, Cheltenham, Gloucestershire, in 1859. Specialists on Titian at Viennese auctioneers Dorotheum had announced two weeks ahead of the auction that they expected it to go for around $1.57 million .
Titian, also known as Tiziano Vecelli or Vecellio is one of the most important members of the 16th century Venetian school. His painting methods involving the application and use of color influenced many Renaissance artists, as well as future generations of painters.
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