Sunday, February 01, 2015

How to turn $5,000 into $5.2M in 18 months

The award for the most compelling market tale undoubtedly goes to the third highest-selling painting, a rediscovered John Constable landscape, Salisbury Cathedral from the Meadows (1831), that sold for $5.2 million, far exceeding its $3 million high estimate. The consignor had acquired the work at Christie's London in July 2013, and paid a mere $5,300 for it, but then set about getting the work authenticated as a Constable. (See Sotheby's Ratchets Up Price on Rediscovered Constable).

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