Raphael Painting sells for $37 million

Rags To Riches Raphael

Forbes.com
Nina P. West,
Artfact.com 07.18.07

“How often does a $325 investment turn into a $35 million profit? Never?

Yet it happened to one shrewd New Yorker who trusted his instincts and knew how to play the art game.

In 1968, Ira Spanierman, then a young art dealer, bought a painting at auction by an unknown artist simply described as “Italian School.” Spanierman recalls that the painting was covered with a layer of grime and went completely unnoticed at the auction, so he picked it up for next to nothing. Last week at Christie’s, he sold the painting for $37 million.”

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