By Daniel Farrell, consultant, Enservio
Affluent individuals seem to be favoring art as an important “asset class” right now. A Picasso painting recently sold for $106 million, a Rothko for $89 million, a Lichtenstein for $43 million--and even Warhol prints (not paintings) have sold for upward of $500,000. Antiques Roadshow regularly turns up artworks and antiques worth hundreds of thousands of dollars that were inherited from grandparents or bought at yard sales.
3. The Duped Dentist
And then there’s the eminent oral surgeon who recently approached a professional appraiser to get a formal appraisal of the Amazon Indian feathered headdress that he bought while on vacation in Brazil. He needed the appraisal to insure the piece, for which he paid $10,000.