How Much Is Composition No. III, with Red, Blue, Yellow, and Black Worth?
Last updated: April 18, 2026
Quick Facts
- Last Sale
- $50.6M (2015, Christie's New York)
- Methodology
- recent sale
This is the identical canvas (Joosten B213) sold at Christie’s New York on 14 May 2015 for a sale total of $50,565,000. Anchored to that realized result and cross‑checked against subsequent prime Mondrian outcomes, the current market value for this painting is approximately $45–$60M, with the final figure dependent on condition, sale mechanics and buyer competition.
Composition No. III, with Red, Blue, Yellow, and Black
Piet Mondrian, 1929 • Oil on canvas
Read full analysis of Composition No. III, with Red, Blue, Yellow, and Black →Valuation Analysis
Anchor & identification: This painting is the same work catalogued as Joosten B213 and sold at Christie’s New York on 14 May 2015 for a sale total of $50,565,000 (hammer + buyer’s premium) [1]. That realized price is the primary market anchor and demonstrates that, despite its relatively modest dimensions, this canvas is a museum‑quality, canonical late‑1920s Neoplastic work.
Method and comparables: I use a recent_sale methodology anchored to the 2015 sale, cross‑checked with top comparables including Sotheby’s Composition No. II (1930) (reported ≈ $51M, Nov 2022) and Christie’s high‑profile 2025 Mondrian result (≈ $47.6M) to verify the market band [2][3]. Those nominal outcomes cluster in the mid‑$40M to low‑$50M range; therefore the present recommended working band is set at $45–$60M to reflect reasonable upside for particularly competitive sale conditions and modest downside in a softer auction environment.
Low‑end scenario (≈ $45M): A result at or toward the low end would be expected if the lot is offered without a strong marketing campaign, in a thinly attended sale week, or if a formal condition report discloses significant restoration or conservation issues. Uncertainty about exportability or unresolved title/restoration questions would also pressure the price toward the low end.
High‑end scenario (≈ $60M): The high end becomes credible where the house secures guarantees or third‑party underwriting, where the painting benefits from an aggressive marketing campaign and competing global bidders (or a single‑owner dispersal that draws museum interest). The identical 2015 sale shows the canvas can attract decisive, high‑net‑worth buying power; in a very competitive lot environment the work could reach toward $60M nominal.
Key conditional drivers: Final value is highly dependent on (a) a clean catalogue raisonné entry and provenance, (b) a detailed condition report showing originality and minimal intrusive restoration, and (c) sale mechanics (guarantees, timing, and whether the lot is offered as a marquee evening sale). Confirming Joosten B213, documented exhibition history (1929 Stedelijk) and the Seuphor provenance materially supports the premium observed in 2015 [1].
Recommendation: Treat the $50.565M 2015 sale as the primary anchor and present the painting to major houses for a presale opinion with high‑res images and a condition report. If selling, seek competitive presale arrangements (guarantee or reserve strategy) to capture the top of the current market band. If buying or insuring, budget within $45–$60M depending on sale route and desired certainty.
Key Valuation Factors
Art Historical Significance
High ImpactThis painting is a canonical example of Mondrian's mature Neo‑Plastic idiom and dates to a critical moment (1929) when his grid vocabulary and primary‑colour palette were fully established. Works of this type and moment are central to the narrative of abstraction and De Stijl, occupy leading positions in major museum holdings, and are repeatedly cited in scholarship. Even in a relatively small format, a fully authenticated, well‑provenanced 1929 Composition carries outsized cultural and curatorial importance, which directly translates into premium collector demand and institutional interest.
Provenance & Exhibition History
High ImpactProvenance is exceptionally strong for this canvas: a gift from Mondrian to Michel Seuphor c.1930, subsequent reputable gallery and private collection ownership, and documented exhibition/publication history (including the 1929 Stedelijk exhibition and inclusion in Joosten's catalogue raisonné) materially increase marketability and price realization. Institutional provenance and early exhibition citations reduce attribution risk and are primary reasons the 2015 sale achieved a very high multiple relative to mid‑market examples.
Comparables & Recent Sales
High ImpactThere are direct, high‑quality comparables: the identical canvas realized $50.565M at Christie’s in 2015 [1]; prime late‑1920s/1930s Mondrians have continued to sell in the mid‑$40M to low‑$50M range (Sotheby’s 2022 reported ≈ $51M, Christie’s 2025 ≈ $47.6M) [2][3]. Because the sample of top‑tier sales is small, realized outcomes cluster but can swing with guarantees and sale dynamics. These comparables anchor the valuation band and justify a mid‑tens‑of‑millions market level.
Condition & Technical Integrity
Medium ImpactA professional condition and conservation report is decisive. Small format Mondrians often underwent relining, past varnish work, or frame interventions over many decades. If the work is essentially original with minimal intrusive restoration, the market will pay the established premium; if the report documents extensive overpaint, poor relining or structural instability, marketability and price can be reduced materially. Expect condition issues to influence value swings on the order of ±10–25% depending on severity.
Market Liquidity & Sale Mechanics
Medium ImpactTop Mondrians are scarce and attract deep pockets, but sale mechanics (evening sale vs single‑owner dispersal, presence of guarantees, timing within a sale season) substantially affect outcomes. In recent cycles houses have used guarantees and third‑party underwriting to underpin ambitious estimates; conversely, a weak seasonal market can compress results. Sellers should plan for competitive sale placement and marketing to realize values at the high end of the band.
Sale History
Piet Mondrian's Market
Piet Mondrian is a firmly blue‑chip Modern master: canonical Neoplastic canvases (late 1920s–1930s grids) are among the most sought after works from 20th‑century abstraction. The market has produced multiple multi‑tens‑of‑millions results in recent years, with top lots setting records and mid‑tier prime works trading in the high‑single to low‑double‑digit millions. Scarcity of museum‑quality canvases, strong institutional demand and enduring cultural visibility underpin a resilient upper tier. Collectors prize provenance, catalogue raisonné attribution and exhibition history, which can materially enhance realized prices.
Comparable Sales
Composition No. III, with Red, Blue, Yellow, and Black
Piet Mondrian
Exact same work — identical 1929 canvas (Joosten B213) with full provenance and exhibition history; provides the direct, realized-market anchor.
$50.6M
2015, Christie's New York
~$69.4M adjusted
Composition No. II
Piet Mondrian
Same artist and the same prime period (c.1929–1930) — a canonical Neoplastic grid in primary colours; represents a top-of-market, record-level comparator for late-1920s/1930s Mondrians.
$51.0M
2022, Sotheby's New York
~$56.2M adjusted
Composition: No. II, With Yellow, Red and Blue
Piet Mondrian
Same artist and Neoplastic vocabulary (primary colours + black grid) but a mid‑market example (earlier sale, lower realized price) — useful as a mid-tier comparator for condition/size/provenance differences.
$26.1M
2021, Christie's New York
~$30.6M adjusted
Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue
Piet Mondrian
High‑value 1920s Mondrian sold in May 2025 (single‑owner Riggio sale); demonstrates continuing buyer demand for museum‑quality Neoplastic works in the mid‑$40M–$50M nominal range.
$47.6M
2025, Christie's New York
Current Market Trends
Since 2022 the ultra‑high end of the art market has become more selective: overall volume cooled but the strongest, museum‑quality Modernist works continued to command high prices. Buyers favor provenance and institutional validation; guarantees and pre‑sale underwriting are common for marquee lots. For Mondrian, that means the best late‑1920s/1930s grids still attract competitive bidding, but consignment timing and sale mechanics now play a larger role in whether a lot clears aggressive estimates.