This Alexej von Jawlensky painting of a Girl with a Red Ribbon is reappearing on the market at Sotheby’s Evening sale in London on February 8th. The £3-5m estimate offers an interesting gauge of the market against the peak prices of 2008 when the painting was sold in a February auction for £2.9m. A year later, in the wake of the credit crisis, it changed hands at another February sale for £1.9m, a deep discount.

The consignor may make £1m or more for holding the picture for three years, not a bad return for an opportunistic buyer willing to take the risk.

Christie’s has another Jawlensky from the same sought-after period before the first World War. Bauer is estimated slightly lower at £2-3m. But don’t feel bad for this consignor. The work was bought in 1997 for £573,500