How Much Is Composition: No. II, with Yellow, Red and Blue Worth?

This work is from Mondrian's mature Neo‑Plastic period and uses the canonical primary‑colour vocabulary that defines his market appeal. Although the painting's modest dimensions position it as a studio‑scale work rather than a monumental canonical grid, its execution date (1927), palette, and compositional clarity align it with Mondrian's most collectible phase. A catalogue‑raisonné entry (Joosten B196) and exhibition history elevate scholarly and institutional confidence. Those factors together produce strong intrinsic value: the painting is collectible not only as a decorative object but as a verifiable piece of Mondrian's mature output, which commands sustained demand among museums and blue‑chip collectors.

Documented ownership history and exhibition citations materially increase marketability and reduce transactional risk. Christie’s published provenance for the 2021 sale traces ownership through notable European dealers and private collections and the lot was exhibited historically, which supports institutional interest. Proven provenance shortens marketing timelines and increases the pool of credible buyers (including museums). If additional archival documentation or loan history to major institutions is produced, the painting could command a premium within the estimated range. Conversely, any gaps or unresolved ownership questions would cause meaningful discounts.

Condition is a decisive price determinant for Mondrian, particularly where yellow pigments and surface varnish are involved; these are prone to discoloration and retouching. A clean technical report (paint layer integrity, minimal invasive restoration, stable stretcher) supports upper‑range pricing, while significant retouching or unstable pigments require discounts. Full conservation documentation, IRR/X‑ray and pigment analysis reduce buyer uncertainty and materially improve sale prospects. Unknown or poorly documented condition will likely reduce the competitive bidding pool and push the work toward the lower bound of the valuation range.

Auction comparables—most importantly the exact 2021 Christie’s sale ($26.12M) and subsequent marquee results in 2022–2025—provide the quantitative foundation for this valuation. Large, canonical 1929–1930 grids realized in the high‑$40M to low‑$50M band, setting the ceiling for the category. This painting’s exact 2021 sale, when adjusted for market movement and scale, places a realistic mid‑market expectation in the $20M–$35M band. Market precedent therefore both supports and bounds the estimate; small size and session placement determine where within that band a future sale would land.

Mondrian is a blue‑chip name with concentrated buyer interest; however, liquidity varies by scale and rarity. Museum‑quality large grids are scarce and attract global bidding, while smaller studio works have a narrower but still deep pool of specialist collectors and institutions. Market liquidity is sufficient for a well‑marketed evening‑sale lot or a discrete private sale, but results can vary widely by sale timing, marketing and guarantee arrangements. Seller strategy (evening sale + loan narrative vs. minor auction session) will therefore significantly influence realized price within the given range.