Tuesday 12 March 2024

Missed Opportunity?


Readers of The Sunday Times may have read this article about my neighbour Michelle.

She describes buying a painting at a 'small fair' for £1,000, which she sold back to the seller some time later for £10,000. A wise investment. She didn't say what it was.


Back in the early 60's I was on my way to school with £100 in my pocket which I was to deposit in my school account and spend on some shares in a Company called Paringa Mining and Exploration. It was to be my first time dealing with a broker, and the first time I would have bought shares in my own name.

Between leaving my train at Victoria, and before catching my other train at Liverpool Street, I made my way to Bond Street; the home of London's Art Gallery Scene. I stood outside the window of Gimpel Fils, admiring a small painting by Bernard Buffet, who just happened to be a favourite painter at the time (goodness knows why). It was priced at an affordable £90 (about £2,300 in today's money).

I was so close to buying the painting, but risked the wrath of my Father; so I resisted. I have always wondered what the difference would have been between the profit from Paringa and the profit from Buffet. I suspect the Buffet would have proved a much better investment, and I would have enjoyed the picture over several years.

Should I have bought the painting, and proved to Father that there were investments other than via the Stock Exchange? On reflection I think I should have. How long I would have kept the painting I don't know. How much it is worth today, I don't know either. 

However, I've seen similar sized originals selling today for about £170,000. Hmmmm......

 p.s. I've just noticed that Michelle is on TV tonight; BBC1 8pm.

15 comments:

  1. Why would the seller buy back one of his own paintings? At a premium. Unless, of course, it was to do the buyer a favour without making the money a loan.

    One of my painter friends sold a number of paintings (and they don't come cheap - he costs the hours it takes him to execute his meticulous and painstaking pieces) to a collector. When said benefactor was at death's door he gave the paintings back to their creator. For free. Generous, no doubt. In another sense, maybe a burden for my friend. Which reminds me: As he once said when I asked him whether it was difficult to let go of his creations [on point of selling]: "Like children, you have to set them free. Send them into the world to find their own way."

    Other than that, in response to your post and buying art as an investment: Don't. Buy it - whether large, small, cheap, expensive, exorbitant, complete shite - because you love it and would find it hard to part with.

    U

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    1. I imagine the gallery who first sold Michelle's picture would only have bought it back again if there was more money to be made. Galleries tend not to be benefactors.

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  2. Yes, U, you are spot on...buy art 2D or 3D, because you love it, want to live with it or give it to a friend...and from living creators. The dead ones don't need sales

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    1. I think it's only the multi-£Million paintings that are bought as investments. The rest of us buy because we like what we see.

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  3. Was Michelle's IVF treatment successful?

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  4. Michelle is on Design Masters tonight. I have watched every series ..... not sure why as I'm not keen on the designers who are trying to win. I remember one of the experts on The Antiques Roadshow saying don't ever think you will make much money out of antiques ...... it is only one in a zillion who finds that £100,000 missing painting in the loft !!! XXXX

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    Replies
    1. I might watch tonight, if I'm not too tired.

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  5. It is easy to look back at missed opportunities, rest assured you (we) made the best decision at the time, based on what we knew then. Woulda, coulda, shoulda all deal with things we no longer control.

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    Replies
    1. You're right. No point in thinking what could have been; just accept what happened.

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  6. Michelle got lucky with her purchase. I am glad she succeeded on 3 counts: Profit, IVF and a son!

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    1. I'm a little surprised that she mentioned the IVF; I hope her son isn't embarrassed.

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  7. I never knew anything at all about investments or stocks or anything similar that would "grow" and give a better future finacially. I was very surprised several years ago to hear my brother had stock in several companies and was making a bit of money from them. I'm not jealous of his money, he's worked hard and earned it, but I am a bit jealous that no one ever have me any financial advice. It was expected that I would marry and my husband would provide and that was all I learned.

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    Replies
    1. When I worked on the London Stock Exchange after school, there were no female brokers. These days there are lots. I don't think stock markets interested women in those days, and probably don't that much today. When I was working there it was called 'An overgrown schoolboy's playground'. A very good description.

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