Posted on 06/19/2004 11:46:35 PM PDT by Michael2001
DUBLIN, N.H. -- A group of friends who bought a painting for $3,200 at a church auction and then sold it for more than 150 times that price are being pressured to share some of the money.
Rick O'Connor and Roy Gandhi-Schwatlo, of Dublin, and Dawn Ward, of Rindge, purchased the painting at an August 2003 auction to benefit the Dublin Community Church. They later put the painting on the auction block at Sotheby's in New York, where it sold in January for $489,600.
The roughly 13-inch by 11½-inch panel of the Madonna and child turned out to be the lost third of a 14th-century triptych painted by an unknown Sienese artist. It was donated to the auction by Jessie Hale, of Dublin, whose family had owned it for nearly 100 years.
Word of the painting's worth has spread around town, and some residents say the buyers have a responsibility to donate some of their new fortune to Hale and the church.
"The whole thing's just unfortunately slimy," said Charles Pillsbury, who volunteered at the auction. "It's just too bad."
O'Connor was on the committee that organized the auction and was responsible for acquiring paintings for the auction. He said he never spoke with Hale about her painting, and no one in his group knew its real value before buying it.
"We were all friends and decided we would buy the painting," he said Thursday. "We just thought it would be a great investment."
O'Connor said he and his friends considered offering some of the money to Hale but may change their minds because of the hostility they've encountered.
"We're basically innocent people here," he said. "Do you come back after you buy something at a yard sale and tell the owner, 'Oh, geez, we've got to give you back half of everything we've made on this product?'"
As members of the auction committee, O'Connor and Gandhi-Schwatlo spent weeks putting together a successful event, said committee chairman Tom Blodgett.
He called them "honest and honorable people," adding, "I hope that they will rethink their situation and make a personal gesture to the Dublin community."
Hale declined to comment to The Union Leader of Manchester.
If I hadn't been on the committee and hadn't been in charge of getting paintings for the auction then I wouldn't donate one penny of my profit to the Church. If anything I'd find another Church and donate to them since they're not attempting to bully me into it.
But this guy's behavior smacks of fraud. I wouldn't have a clue that some ugly painting like that is worth anything. Investment? They *had* to believe it was worth more than the few thousand they were willing to spend. This "case" demands a proper investigation.
You know...this group made a donation to God and God blesses it by returning a blessing over 100 fold. They should just tithe it to get down to 320 thousand just to shut them up! Better yet...they owe them nothing!
It's usually "Buyer Beware" but the seller should know what they're doing and not complain about it later.The fact that it's a church is meaningless.
Why did they want to make sure they got the painting? Answer: Because they knew it was valuable.
Why did they send it to Sotheby's? Answer: Because they knew it was valuable and they needed a large art-specialty auction house to validate it's worth and get the highest bid.
Seems like fraud to me. If the guy had bought the painting by himself and held it for a couple of years, I would think differently. But his inside position, coupled with assembling a group of friends, and the almost immediate re-sale through Sotheby's, pretty much seals the deal as far as I am concerned.
I would be interested in how Hale was persuaded to part with the painting. I bet there was some chicanery there, too, since the family had owned it for 100 years.
Yup, O'Connor should have apprised the former owners of the painting's true value...at the very least the Hale family would have a huge charitable tax deduction.
I agree with you. I think this guy was in charge of soliciting the donations, knew the painting was valuable, did nothing to inform the donator or the church so they could get the best price for it, bought the thing himself and has now made a tidy profit.
He should not be forced to give a donation, but he certainly should be ashamed of himself.
Different story if the purchaser just got lucky and picked up an unknown gem of a piece that was worth a bundle.
Regards,
Yes, if he had been interested in getting the best price for the *church*, he could have suggested bypassing the church auction and taking the painting straight to Sotheby's (where they are also happy to give appraisals). Instead, it stays in the church auction so he and his friends can aquire it. Hmmm...
This isn't Antiques Roadshow, folks. I doubt O'Connor and his buddies were shocked at the price they got at auction.
Somewhat akin to insider trading. I wonder if they consulted Martha Stewart about this investment opportunity????
Hmmmmmmmm.
Shades of William Jefferson C.!
Note the carefully chosen words. He neglected (on purpose) to say that no one in his group knew its real value before auctioning it; which leads me to believe...
Go back and read post #16.
My question is: Are O'Connor, and his friends, professional auctioneers? If they are, then they had a responsibility to ascertain the true value of the painting. But if they were just members of the church and of the auction committee, I think they owe nothing.
If it turned out that the painting was worth say $200.00 would the church refund $3000.00? I think not.
Boy, there sure are a lot of judges on this thread.
No none here knows the hearts of any of the parties to this event.
No one knows the true circumstances of this event, only what is reported by a reporter that very well may have gotten the facts wrong (naw, that don't ever happen does it?)
Yet, look at all the condemnation.
What figure does he put down on his celestial form 1040 as his tithe, $10,000 or $7,000?
What about for the employer contributions for health care, SSN, and so forth? Retirement investments could be considered deferred.
On another note, recall Samuels citation of one of the curses of having a king: He'd be so audacious as to claim 10% in taxes.
The Lord loves a cheerful giver. It's not like He's short of cash.
The 3 buyers knew that they were buying something special. More than likely they saw it at a preview, got together some money and went after it at auction. It happens all the time. We attend auctions irregularly. Many of these antique buyers go to yard sales and come up with unbelievable things. The seller has no clue that the ugly vase from a dead aunts apartment could be worth thousands when they put that $25. sticker on it. This is a lesson for anyone clearing out attics and basements of deceased grandparents and others. When in doubt have the stuff appraised. It will cost a bit but not as much as this "find" in NH.
Nothing I buy at yard sales ever turns out to be the lost third of a 14th-century triptych painted by an unknown Sienese artist that sells for $489,600.
My wife usually just makes me put it in the storage shed.
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