The artwork was last sold in 1983 for $2.15 million, which is equal to $6.4 million (£5.4 million) in today’s currency.
The acquisition was referred to as “a once in a generation occurrence” by the head of impressionist and modern art at Sotheby’s, the venue for the auction of the artwork.
On Monday, an unidentified Asian art collector purchased the piece.
No. of composition II is an illustration of the artist’s distinctive aesthetic. He is well known for his geometric, colourful, and abstract grid designs, which revolutionised the art world.
After relocating to Paris in 1912, Mondrian was influenced by the early abstract art of Pablo Picasso and George Braque.
According to Julian Dawes, head of impressionist and contemporary art at Sotheby’s, “Quintessential Piet Mondrian pieces rarely come to auctions as they are kept in the most prominent institution collections throughout the world.”
After fees, the iconic piece sold for $51 million to the unnamed bidder, with the opening bid of $38 million (£32 million).
Mondrian’s distinctive style epitomises the period’s artistic movement and helped abstract art gain popularity in the 1940s and 1950s.
Oliver Barker, chairman of Sotheby’s Europe, remarked, “The work hums with an electricity that matches the vitality of painting in Europe at this period.”
The artist’s work has a significant impact on the worlds of design, architecture, and fashion in addition to the art world.