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Art: Man Buys Bungalow for $300K, Finds Art Worth $30M

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  • Art: Man Buys Bungalow for $300K, Finds Art Worth $30M

    Investor Place
    March 7 2013


    Man Buys Bungalow for $300K, Finds Art Worth $30M

    Thousands of pieces discovered in garage, attic

    Mar 7, 2013, 11:32 am EST | By Nate Wooley

    A man who bought a small home on Long Island is raking in the dough
    from the art world.

    The man - who bought the home in Bellport, N.Y., for $300,000 in 2007
    - found thousands of paintings, drawings and journals by Arthur
    Pinajian, the Associated Press reports.

    Appraiser Peter Hastings Falk - who valued the pieces that were found
    in the home's attic and garage - told the owner that the collection
    was worth up to $30 million. The works are said to be among the
    Armenian-American painter's best.

    Several of the pieces have already been auctioned off with some going
    for $500,000. It is unknown how many of the pieces the lucky owner
    will sell or keep.

    http://investorplace.com/2013/03/man-buys-bungalow-for-300k-finds-art-worth-30m/

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