Wassily Kandinsky painting thought lost for 70 years sells for $1.4M

June 22 (UPI) -- A watercolor painting by Russian artist Wassily Kandinsky believed to be lost for more than seven decades has sold at auction for $1.4 million.

The painting, Gebogene Spitzen (Curved Tips), was painted in 1927 when the expressionist taught at the Bauhaus German school of art.

After being recorded as sold in 1949, art historians became unsure of its location. The only proof of its existence was a small sketch of it in a list of his artworks by art historian Vivian Endicott Barnett.

Munich auction house Ketterer Kunst said the painting then surfaced in the estate of a private German collector in May.

"I am all the more delighted that we were able to identify such an outstanding work," auction house owner Robert Ketterer said of the work. "Many Kandinsky experts did research into the work, however, its exact appearance and whereabouts remained a mystery for decades."

A Berlin collector purchased the painting Saturday at auction.

Kandinsky was known as a pioneer of abstract painting, leaning heavily on bright color palettes and geometric figures.