Yes, a true story which just occurred.
A women investor purchased "property in 1986 and just sold it, in November 2009, for $43.8 million dollars.
Yes, it sold for 111 times the original purchase price and with no improvements!
Purchased in 1986 for $385,000 and sold for $44.8 million in 11/2009.
How's that for a "return on investment!"
The fact is that it wasn't real estate; it was a painting done by Andy Warhol.
It's title " 200 One Dollar Bills" a 7 foot wide silkscreen canvas comprised of repetitive images of one-dollar bills, reproduced in tones of black on grey with a blue Treasury seal."
However, the story behind the story is: Many ascribed the high selling rates ( of the Southey's auction) to " the lowering estimates on the lots. ( art works to be sold."
Right pricing today is everything.
This also illustrates the great divide between "investing" and "speculating."
The price of $385,000 in 1986 was for cash and the" property " in this case a painting, had no income cash flow. Zero.
Pure speculation by a trained and educated " London Art Dealer."
It's also good news to see that some "speculators" have this amount of capital to spend.
Bill McInerney
1 comment:
I love this stuff. Thanks for your post. I hope people realize how valuable this kind of information is.
Deirdre G
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