Investor Place
March 7 2013

Man Buys Bungalow for $300K, Finds Art Worth $30M

Thousands of pieces discovered in garage, attic

Mar 7, 2013, 11:32 am EST | By Nate Wooley

A man who bought a small home on Long Island is raking in the dough
from the art world.

The man – who bought the home in Bellport, N.Y., for $300,000 in 2007
– found thousands of paintings, drawings and journals by Arthur
Pinajian, the Associated Press reports.

Appraiser Peter Hastings Falk – who valued the pieces that were found
in the home’s attic and garage – told the owner that the collection
was worth up to $30 million. The works are said to be among the
Armenian-American painter’s best.

Several of the pieces have already been auctioned off with some going
for $500,000. It is unknown how many of the pieces the lucky owner
will sell or keep.