WORK OF ART: I bought 2 paintings on whim 10yrs ago when manager made me a deal – Antiques Roadshow said now they’re worth $40k each

Spread the love

According to THE SUN, A man recently learned that two paintings he purchased impulsively a decade ago are now worth thousands more than he initially paid. The collector spent $15,000 on the artworks, a price that turned out to be a fraction of their true value, which is over five times that amount.

The Chance Encounter

The collector discovered the paintings after attending a charity auction in New York in 2015. At the event, he became intrigued by Saudi Arabian painter Abdullah Qandeel, whom he had never heard of before. During the auction, he found himself speaking with Qandeel’s manager, who invited him to an upcoming show featuring the artist’s work.

Also Read: MONEY MOVES: Americans can score $500 monthly payments in free money from ‘breathe’ program – and there are no strings attached

Recalling the event at a Sotheby’s appraisal on Antiques Roadshow in Virginia Beach, Virginia, the collector shared his experience with appraiser Dunham Townend. “Little did I know, they had pieces of his work that were going to come out on exhibit in a separate show within a couple of days,” he said. The manager offered him a private preview, and the collector was drawn to two particular paintings.

The Paintings

One of the paintings, titled “Red,” features a predominantly red canvas with yellow drawings. The other, named “Love,” is green and yellow with a heart-shaped golden splatter in the center. The manager, touched by the collector’s personal story of losing his wife to breast cancer, was eager to make the art accessible to him.

The manager initially negotiated a bit but was moved by the collector’s story, particularly how “Love” resonated with him. “I said, ‘Look, I’m a person of modest means. I appreciate art, but I don’t have much of a collection,'” the collector recalled. The manager ultimately agreed to sell both paintings for just $15,000.

The Artwork’s True Value

Sotheby’s appraiser Dunham Townend revealed that the paintings are now worth significantly more than what was paid. Each piece is estimated to be valued between $25,000 and $40,000. Qandeel, known for his unique style of painting over hotel art and even on hotel walls, gained some notoriety in 2015 for vandalism related to these acts.

Growing Interest in Middle Eastern Art

Townend noted that the market for Middle Eastern and Saudi Arabian art is expanding. “There’s a demand for it that there has not been before,” she explained. Middle Eastern and Saudi Arabian collectors are increasingly investing in art from their own national origin, driving up the prices of these pieces.

Also Read: Distressed pizza chain plans to file for Chapter 11 bankruptcy

Recent auctions have seen Qandeel’s works sell for far above their estimates, and Townend suggested that the paintings might even exceed the estimated $40,000 in value. “So I think you got a good deal when that man made your night,” she concluded.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *