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$30 Million Pinajian Art Found in Abandoned Garage

Posted By Barry Ritholtz On March 8, 2013 @ 10:30 am In Weekend | Comments Disabled

Bellport Man Finds Arthur Pinajian Artwork Appraised At $30 Million

Pretty astonishing story [1]:

Works by an obscure Armenian-American abstract impressionist discovered in a Long Island garage have been appraised at $30 million.

Thomas Schultz discovered thousands of paintings, drawings and journals by Arthur Pinajian after he bought a cottage in Bellport in 2007.

“The smallest house in Bellport Village and maybe one of the most important, most significant art finds in art history is an interesting paradox,” Schultz said. ”It’s my understanding that if the works were sold in the retail market it can fetch up to $30 million in retail prices, but that could take 20, 30 years to do.”

 

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Source: CBS New York [6]


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URLs in this post:

[1] story: http://newyork.cbslocal.com/2013/03/07/art-found-in-long-island-garage-appraised-at-30-million/

[2] Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/03/pics-1.jpg

[3] Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/03/pic-2.jpg

[4] Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/03/pic-3.jpg

[5] Image: http://www.ritholtz.com/blog/wp-content/uploads/2013/03/pic-4.jpg

[6] CBS New York: http://newyork.cbslocal.com/photo-galleries/2013/03/07/bellport-man-finds-arthur-pinajian-artwork-appraised-at-30-million/#photo-620375

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