Artists
Related: About this forumSotheby's just sold my painting at auction this morning.
Unbelievable! You can't imagine how much it sold for. I'm in shock.
SheltieLover
(57,073 posts)FalloutShelter
(11,832 posts)So happy for you! It's a BFD.
ramblin_dave
(1,546 posts)Something you painted or found in an attic? Sold for how much?
bif
(22,685 posts)IrishAfricanAmerican
(3,813 posts)Congrats!
LoisB
(7,183 posts)babylonsister
(171,034 posts)Phoenix61
(16,993 posts)Response to bif (Original post)
Chin music This message was self-deleted by its author.
drray23
(7,616 posts)I am happy for you guys. I think you can retire if you are not already..
PatSeg
(47,261 posts)It looks like it sold recently.
https://www.sothebys.com/en/artists/francis-newton
highplainsdem
(48,911 posts)Congratulations, blf!
RobertDevereaux
(1,847 posts)In the early 1980s, Landscape (Red Building) came to be offered at a charity auction in Detroit, the home city of Schuster. The auction was organised to benefit the St Johns Fontbonne Auxiliary, the sponsoring congregation of Detroits St Johns hospital, which remains an active charity to this day. Souzas 1955 cityscape went unsold but was spotted and bought by a discerning local collector and aesthete and has remained in the same family collection ever since. !!!!
bucolic_frolic
(43,048 posts)Inflation is not just in oil and the stock market.
And no wonder people are now advertising and buying art from the 70s-90s, hoping for a payday tomorrow.
CaptainTruth
(6,576 posts)Enjoy your windfall!
Lisa0825
(14,487 posts)lillypaddle
(9,580 posts)Are we having a party???
irisblue
(32,929 posts)panader0
(25,816 posts)Kidding of course. Congratulations on your sale. How cool is that!
Cracklin Charlie
(12,904 posts)My oven tried to burn my house down
twice!
It takes two months to get a new one. Hot dogs for thanksgiving.
sinkingfeeling
(51,438 posts)Javaman
(62,503 posts)Cracklin Charlie
(12,904 posts)I love a happy turnout!
RestoreAmerica2020
(3,434 posts)..[unless you were the owner of the Picasso piece, then ay caramba !] read DU post on your art purchase some 30yrs ago; nice to see that your investment paid off ..great story, great find--congratulations!
Paz.
robbob
(3,522 posts)I might
I might
brer cat
(24,523 posts)Enjoy your unexpected turn of fortune.
PatSeg
(47,261 posts)Congratulations.
hibbing
(10,094 posts)fierywoman
(7,671 posts)MLAA
(17,250 posts)cate94
(2,810 posts)Congrats!
edhopper
(33,479 posts)Auggie
(31,133 posts)🍾
bif
(22,685 posts)I paid $100 for it in 1980.
yonder
(9,657 posts)Now, about that 20 bucks I loaned you last week......
OneCrazyDiamond
(2,031 posts)That's a hell of a capital gain.
gademocrat7
(10,644 posts)What a wonderful windfall!
barbtries
(28,769 posts)want to share your artist name, so I can check you out?
I hope it was so much you're set for life!
wryter2000
(46,023 posts)Plan a cruise and tell us where all you're going to go!
MomInTheCrowd
(268 posts)From the article "In the early 1980s, Landscape (Red Building) came to be offered at a charity auction in Detroit, the home city of Schuster. The auction was organised to benefit the St Johns Fontbonne Auxiliary, the sponsoring congregation of Detroits St Johns hospital, which remains an active charity to this day. Souzas 1955 cityscape went unsold but was spotted and bought by a discerning local collector and aesthete and has remained in the same family collection ever since."
LiberalLoner
(9,761 posts)Beastly Boy
(9,233 posts)Just drop me a line, and I will tell you all about myself.
I also happen to be a Nigerian prince who urgently needs to transfer a million dollars out of the country, but we can talk about it later.
DFW
(54,292 posts)My dads mom collected modern art in the 1940s and 1950s. Living artists with names like Alberto Giacometti.
When she passed away in 1966, all the grandkids could pick one painting or sculpture. My cousin wanted a Giacometti bronze, but it was assessed at $16000. My aunt and uncle couldnt afford the (then-) applicable 50% inheritance tax of $8000. The sculpture came up for sale some 40 years later, and brought $4 million.
I was always fond of an abstract blue painting by an artist who died AFTER my grandmother did, and so my parents only had to pay $300, i.e. half of the assessed $600.
Well, fast forward, and the artist who did my painting now has his own room at the MoMa. BUTsince my grandmother bought her painting directly from the artist, the NY art snobs said my painting had to be a fake. They kept that up for years until I finally found a photo of the artist sitting in a Paris gallery (the one that issued my grandmother the bill of sale), with him and the gallery owner sitting under MY PAINTING!
Long story short, I decided I had had enough of the painting, and sold it. As an inheritance kept for more than one year after acquisition, I owed the Germans nothing (THERE was a first!). But the IRS came and said I owed 31.8% on the gainbe prepared, by the way, you might be in a similar position. Consult a tax attorney! You might not like the news, but its better than being called in for tax evasion down the road. Besides, whats left over will be one hell of a sum, too.
So, I paid the IRS their 31.8%, and then gave my brother and sister and each of their spouses $50,000 each, spreading it out to be under the yearly limit for gift tax. Nothing they inherited was worth six figures, and the last thing I was gonna do was flash my good fortune in their faces.
Ergo, I ended up with a sum that was less than half what the painting sold for, but I got something even more valuable: a great relationship with my siblings for life, plus some insurance that I could pay all my daughters education bills in the States.
Thanks for sharing!
Skittles
(153,113 posts)yes INDEED
electric_blue68
(14,818 posts)lunatica
(53,410 posts)What painting? And how much? Are you getting too good for us?
bif
(22,685 posts)lunatica
(53,410 posts)I wish you the best of luck on selling it!
Yorkie Mom
(16,420 posts)Congrats!
malaise
(268,698 posts)Congrats
tavernier
(12,369 posts)Congratulations!!
femmedem
(8,196 posts)I'm so happy for you and your wife!
Midnight Writer
(21,712 posts)SergeStorms
(19,186 posts)"a discerning local collector and aesthete" in our midst! You have a good eye for art, bif. Some people just recognize genius when they see it. Congratulations.
Sotheby's will take a generous portion of the sale price for their troubles, but they have a very long reach to connect buyers with sellers. They're the absolute best at what they do.
Don't go turning republican on us now that you're in a different tax bracket. We know you won't. Do good things with your new found wealth.
bif
(22,685 posts)I not only get 100% of the selling price, but 1% of the buyers fee! Plus it didn't cost me a dime for shipping and framing. And my rep travelled to India with the painting and showed it to some of her wealthy clients.
Don't worry about me turning Republican. My wife and I are going to designate several charities to donate to.
SergeStorms
(19,186 posts)If I may ask? Usually in the 23-25% range, aren't they?
bif
(22,685 posts)I thought it was around 6%. But I have no idea.
Historic NY
(37,449 posts)stuff just hidden away doing nothing. Our historical people turned some unwanted, unloved furniture into cash for a surprising amount at one of the tony connected galleries upstate NY. We have lots of painting that have been stashed away for decades.
ancianita
(35,933 posts)lark
(23,061 posts)You hit the jackpot! Congratulations!!
MontanaMama
(23,295 posts)I love when good things happen to good people.
Tom Yossarian Joad
(19,226 posts)I have dealt in rare books and other ephemera and love to see things like this.
3catwoman3
(23,947 posts)You must still be pinching yourself.