A home buyer on Long Island is cashing in big time after buying a bungalow in Bellport a few years back for $300,000.
“It looked like a pile of junk, but on closer inspection I realized it was a vast body of work created by one artist over 60 years,” said Thomas Schultz, who bought it with business partner Lawrence Joseph. “I knew right away I wasn’t going to throw that artwork into the dumpster, it was bad karma.”
Shultz was referring to the thousands of painting, drawings and journals by the obscure artist and former owner Arthur Pinajian he found stashed in the attic and garage.
Beyond Karma, an appraisal by William Hastings Falk, who also worked on the Andy Warhol estate valued the art at about $30 million.
Party of the work has already been auctioned off with some pieces going for half a million dollars.