Missing Painting sold in HK for $3.7 million may have gone out with the trash
(Reuters) – A painting that was auctioned for HK$28.8 million ($3.7 million) two days ago has gone missing, police said, with media reports on Wednesday suggesting cleaners may have inadvertently thrown the artwork out.
The 2012 painting “Snowy Mountain”, by Chinese artist Cui Ruzhuo, was reported missing by Chinese auctioneers Poly Auction on Tuesday afternoon after the auction on Monday, police told Reuters.
Ming Pao newspaper reported that police had checked CCTV footage at the Grand Hyatt hotel, where the auction took place, which showed cleaners removing the painting. That raised fears that the painting had been sent out with the garbage to the city’s landfill.
Los Angeles Times: Painting may have been tossed in trash just after selling for millions
Sometimes it pays to buy the former house of an obscure Armenian-American artist, a lesson recently learned by lucky new home owners Thomas Schultz and Lawrence Joseph.
According to News 12 in Long Island, New York, the duo purchased a massive collection of artworks by little-known painter Arthur Pinajian along with his old Bellport cottage. They bought the rare find for $2,500 in 2007, on top of the$300,000 cost of the house, and proceeded to restore, frame and appraise the paintings, drawings and journals found in the garage.
Well, it turns out their decision to buy Mr. Pinajian’s art stash along with the house was a good one, as the collection has now been valued at a remarkable $30 million, according to the Wall Street Journal.
The Guardian: Cleaner clears up Hirst’s ashtray art