Entertainment Eric Clapton stands to make over $70 million on a $3.4 million art investment

Discussion in 'The Howard Stern Show' started by MutteringJohn, Oct 5, 2016.

  1. MutteringJohn

    MutteringJohn Well-Known Member

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    Eric Clapton purchased three Gerhard Richter paintings a while back for $3.4 million. He is selling the last of three paintings in November auction where it is predicted to fetch over $20 million. Pretty good return for Clapton who is showing the same prowess in art investing that he does with a guitar.

    Eric Clapton will sell a Gerhard Richter painting valued at about $20 million in an auction that will test the market for the German artist’s work -- and show the musician’s prowess as a collector.

    The canvas, titled “Abstraktes Bild 809-2," will be offered at Christie’s evening sale of postwar and contemporary art in New York on Nov. 15, the auction house said in a statement Friday. Clapton paid $3.4 million for a group of three 7-foot-tall abstract Richter paintings. He sold the two other works, in 2012 and 2013, for a combined $55.2 million. The third work could push his total above $70 million -- or more than 20 times what he paid.


    [​IMG]
    Gerhard Richter painting

    Source: CHRISTIE’S IMAGES LTD. 2016
    “It’s an amazing return in 15 years,” Francis Outred, Christie’s chairman and head of postwar and contemporary art for Europe, Middle East, Russia and India, said in a telephone interview.

    It’s been a mixed year for the market of the 84-year-old artist. While an exhibition of his new work at Marian Goodman Gallery sold out in New York, his auction sales are down 92 percent from their peak in 2012, according to Artprice. Two significant paintings by Richter were withdrawn from auctions at Christie’s and Sotheby’s earlier this year.

    “When there’s a flurry of activity there’s often a pullback afterwards,” said Abigail Asher, a partner at art advisory firm Guggenheim Asher Associates Inc. “People can retreat in the moment of frothiness.”

    Two other abstract works by Richter are being sold in November by Sotheby’s. Estimated at $20 million to $30 million each, they come from the estate of Steven Ames, a former partner of investment bank Oppenheimer & Co.

    Richter sales were $262.8 million in 2012 and have totaled $18.4 million so far this year, according to Artprice. Last year’s tally of $178 million was in part driven by hedge fund manager Kenneth Griffin’s $46.4 million purchase of a 1986 abstract canvas, an auction record for the artist.

    Clapton’s painting, which doesn’t carry a guarantee, has a smooth, glassy surface, dominated with yellow, blue and green. Christie’s will exhibit the painting in London from Oct. 1 to Oct. 6.

    “It’s mystical and transporting,” said Asher. “It reads like an undulation of a pond.
     
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  2. Lou Loomis

    Lou Loomis Feel the Gern

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    Meanwhile, my painting by Andy Richter is still worth $17 :depressed:
     
  3. Mr Sinister

    Mr Sinister Gold

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    I love art and I draw and paint and shit but I just don't get the abstract paintings that appear to be just random marks and color. :dontknow:
     
  4. Daveindiego

    Daveindiego Confirmed Internet Legend Banned User

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    Shit, I have two of those in the closet.
     
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  5. HS Cult Leader

    HS Cult Leader Elite Member

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    Modern art, legal money laundering! :facepalm:
     
  6. DiamondGoddess

    DiamondGoddess Born Ready for My Close-Up! Gold

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    Clapton has a rehab in the Caribbean called Crossroads.

    So good for him!!!

    He does good for people, and the Universe rewards him in kind.
     
  7. tHISisKiSSeL

    tHISisKiSSeL ♡❂❁❀♡ Gold

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    That painting looks like shit.
     
  8. MutteringJohn

    MutteringJohn Well-Known Member

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    Clapton also owns this custom made especially for him $4.7 million Ferrari.

    [​IMG] [​IMG]
     
  9. bennymuso

    bennymuso England's Finest Gold

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    Last edited: Oct 5, 2016
  10. Krinkle

    Krinkle What?

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    [​IMG]
     
  11. Sloppyjoe

    Sloppyjoe Wearer of Russian hats and steroids connoisseur Gold

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    robin, who collects art? its so stupid! i dont know from this
     
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  12. Mlaw

    Mlaw Quite Contrarian VIP Gold

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    I adore him :wub:
     
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  13. Lou Loomis

    Lou Loomis Feel the Gern

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    That's your tear-stained Murphy bed
     
  14. Turtle Man

    Turtle Man Hello Darling

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    I wonder what else
    :cwl:
     
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  15. DuckDong

    DuckDong Well-Known Member

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    No offense but he seems like the universe can spread some around.
     
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  16. Biff DiBiase

    Biff DiBiase Philanthropist and accountant at Larry, Inc. Gold

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    Abstract art is the biggest scam in the world.
     
  17. DiamondGoddess

    DiamondGoddess Born Ready for My Close-Up! Gold

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    Clapton is God.

    :c

    (10 bux sez some of the $$$ from the painting will go to fund his rehab center. Good karma all 'round. It really is amazing to take a problem you had and turn it into helping others.)
     
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  18. DiamondGoddess

    DiamondGoddess Born Ready for My Close-Up! Gold

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    I prefer realist art, myself.
     
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  19. Biff DiBiase

    Biff DiBiase Philanthropist and accountant at Larry, Inc. Gold

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    Give me a canvas, a few colors and some brushes, and I could make something that looks just as shitty as that. ^^

    My fucking nephews were amazing at abstract art when they were fucking 4.
     
  20. DiamondGoddess

    DiamondGoddess Born Ready for My Close-Up! Gold

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    Well, I was just making the point that he probably uses some of the $$$ to fund the rehab.
     
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