A man in the United States made an extraordinary profit after buying a painting for just $30 (around Rs 8,500) at an estate sale and selling it for $1.35 million, or about Rs 37.3 crore, just three months later. The artwork was later identified as a lost painting by Chicago artist Gertrude Abercrombie.
Titled Alderman Merriam’s Shells, the 1951 painting was discovered at an estate sale in Kalamazoo, Michigan, in July. The buyer, who was searching for vintage records and furniture, noticed the artwork and recognized Abercrombie’s signature. Art historian Susan Weininger later authenticated it.
The painting had been given to Dr. John Reynolds in 1952 in exchange for medical services. It remained with his family for about 75 years before resurfacing at the estate sale.
Freeman’s auctioned the work in New York on October 1. It sold for $1.35 million, including the buyer’s premium, far above its $150,000 to $250,000 estimate. The sale also set a new auction record for Abercrombie’s work.
