US Man Pays Rs 2800 For Old Painting, Sells It for Rs 13 Crore

A painting by celebrated Chicago artist Gertrude Abercrombie, which had been missing for decades, has sold for $1.35 million (Rs 13 Crore) after being discovered at a Michigan estate sale for just $30 (Rs 2800). The artwork, titled Alderman Merriam's Shells, was painted in 1951. It was sold by Freeman's auction house in New York and set a new world auction record for Abercrombie, according to CBS News.

The painting was originally given to Dr John T Reynolds, a doctor in Kalamazoo, Michigan, in 1952 in exchange for medical treatment. It was displayed at exhibitions in New York, Chicago, Milwaukee and Evanston between 1952 and 1953 before disappearing from public view.

More than 70 years later, a collector visited an estate sale in Kalamazoo while looking for vinyl records. He noticed the painting and, after turning it over, spotted the name Abercrombie on the back. He bought the artwork for $30.

CBS News reported that the painting belonged to the estate of Dr Reynolds, meaning it had remained in the same family collection for decades without its importance being widely known.

The artwork shows a group of seashells against a dark background. One shell appears to float against an almost completely black space. Art experts say the unusual lighting and surreal elements reflect an important period in Abercrombie's artistic development.

The painting also contains what is believed to be the first appearance of a cracked seashell motif that later became a recurring feature of Abercrombie's work.

Before it went to auction, the painting was restored by Chicago-based Baumgartner Fine Art Restoration. Its original auction estimate was between $15,000 and $250,000.

It ultimately sold for $1,352,600, including the buyer's premium, according to Freeman's. The auction house said the result was the first time an Abercrombie work had passed the $1 million mark.

CBS News noted that Abercrombie was an important figure in Chicago's art and music communities. She lived in Hyde Park and was closely connected to the city's jazz scene. She died in 1977.

The extraordinary sale has turned a $30 estate-sale discovery into one of the most valuable works ever sold by the Chicago artist.