Last Updated on 7/24/2007 by bidz
Nina P. West,
“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.”