New York home buyer finds $30 million in art in run down bungalowBy Mason White 6:28 PM March 7, 2013
By: John Roberts
A lucky home buyer found a rare art collection worth millions of dollars after purchasing a run down bungalow in New York, according to press reports in New York.
The works of an obscure Armenian-American abstract impressionist was discovered in a bungalow in New York. So far, the collection has been valued at $30 million.
In 2007, the new owner of the bungalow in Bellport, Long Island, discovered that it was the home to thousands of paintings, drawings and diaries of Arthur Pinajian in the garage and attic. Peter Hastings Falk, an art specialist, valued the works. The specialist once appraised the art of the Andy Warhol estate.
Some pieces have already been sold for $500,000. Fifty of his landscapes are currently on display at the Fuller Building in Manhattan.
A recently published book by art historian William Innes Homer calls Pinajian’s abstractions from the best of his era.
The ramshackle bungalow and car garage were purchased in 2007 for just $300,000.