Art investor Peter Krantz bought a Marilyn Monroe print in 1981 and sold it recently through auction for about $130,000.What is art? Philosophers and critics can debate this forever, but as a young actor, Peter Krantz learned that for him, the answer was simple – art is a framed photo of Marilyn Monroe.The photo, taken by fashion photographer Richard Avedon in 1957, is not just one of the most recognized images of the actress in the world. It also has turned out to be a handsome investment.
In 2016, Mr. Krantz contacted the auction house Sotheby’s, which put together a sale of what it called an “unrivalled collection of iconic works” and included the Avedon print, which was signed and numbered “8/25” with the photographer’s copyright. Mr. Krantz’s $3,000 investment fetched £77,500 , according to British media.
“If you’re a young collector, you should buy what you like. But if you don’t have loads of money you should be aware that even if you like what you buy, it might not work out as an investment,” says Prof. Astman, who has also served as a board member at the Art Gallery of Ontario, which holds some of her works.“It’s going to be a gamble, so buy something because you love it, and if you’re lucky it’s going to turn into an investment,” she adds.
“The financial benefits that might come from the acquisition or sale of art are secondary,” says Mr. Heffel, whose firm is a leading dealer of high-end Canadian art.