How Much Is Color Study: Squares with Concentric Circles Worth?

Valuation conclusion: The sheet titled "Color Study: Squares with Concentric Circles" (c.1913), executed in watercolor, gouache and crayon on paper (23.9 × 31.5 cm), is recorded in the Lenbachhaus collection (inventory GMS 446) and was acquired via the Gabriele Münter Stiftung in 1957 [1]. As a working “color study” by Kandinsky this object is principally a works‑on‑paper category item: it is historically interesting and collectable, but not equivalent in market standing to his major oil canvases. If an identical sheet were offered on the open market with firm authentication, documented provenance and good condition, a defensible market range is USD 50,000–1,000,000, with the modal expectation in the mid‑six‑figure band.

Comparable evidence: Comparable sales support this range: a freshly authenticated Kandinsky watercolor (1927) fetched approximately €1.13M at Ketterer, showing the upside when authentication is fresh and scholarly attention is high [2]; Bonhams’ 1928 gouache "Lila" realised $737,100 in New York, illustrating typical strong mid‑six‑figure outcomes for market‑ready sheets [3]. Major Kandinsky oil paintings, by contrast, have set records in the tens of millions and sit in a different pricing tier altogether [4]. These examples show that while rare paper works can breach the seven‑figure mark, most studies trade in the five‑ to low‑seven‑figure band depending on scholarship and condition.

Key value drivers: The principal determinants of realized price are (1) authentication and Catalogue Raisonné inclusion (Kandinsky Foundation/Barnett), (2) uninterrupted, reputable provenance and exhibition/publication history, (3) condition and conservation history, and (4) sale channel and market timing. Authentication via RK entry or Foundation confirmation converts speculative attribution into marketable status; likewise, museum or gallery provenance and documented exhibition citations improve buyer confidence and broaden the pool of competitive bidders. Condition issues — foxing, losses, over‑cleaning, or disfiguring repairs — can reduce value steeply for works on paper.

Practical note on this object: Because the Lenbachhaus explicitly lists a "Farbstudie — Quadrate mit konzentrischen Ringen" (GMS 446) acquired in 1957, that specific sheet is currently a museum holding and not available for sale [1]. If you are assessing a different, visually identical sheet in private hands, provide high‑resolution recto/verso images, measurements, inscriptions, and any provenance documentation so a specialist can check for RK entry, match to museum records, and advise on authentication steps. A paper conservator report and a formal auction‑house condition note will materially refine any estimate.

Bottom line: The USD 50,000–1,000,000 band is a reasoned, conditional market estimate grounded in recent comps and the standard behaviour of Kandinsky sheets on the secondary market. With firm RK/authentication, sound provenance and strong condition, expect a mid‑six‑figure realisation; without those attributes, expect significantly lower outcomes. For sale readiness, secure expert authentication, conservation documentation and consult major house specialists.