Media tycoon and self-made billionaire Oprah Winfrey made a name for herself not only in television but also in fine art. A few years ago, she made a massive profit when she sold a 1912 painting by Austrian artist Gustav Klimt to an undisclosed Chinese buyer for $150 million.
She originally bought the “Adele Bloch-Bauer II” piece in 2006 for $87.9 million, which yielded a 71% return, or $62.1 million, when she sold it.
Don’t Miss:
Winfrey initially displayed the painting at the Museum of Modern Art, where it drew significant attention. The Klimt masterpiece has a rich history, tracing back to a Viennese patron who ordered it as a portrait of his wife, Adele Bloch-Bauer. The painting was part of a monumental restitution case because it was one of the artworks stolen by Nazis during World War II.
Before it was added to Winfrey’s collection, the first version of the portrait was acquired by Ronald Lauder, heir to the Estee Lauder fortune. He bought it for $135 million, and it remains showcased at Neue Galerie New York.
You don’t have to be a billionaire like Winfrey to invest in valuable assets with the potential for high returns. Masterworks allows everyday investors to buy shares in fine paintings, giving them access to a previously exclusive asset class. The platform has simplified the complexities involved in art investment, making it easier than ever for people to diversify their portfolios and tap into the profitable world of art investing.
Trending: It used to take a fortune to own premium bottles, but right now, $25 is enough to get started in this $229.4 billion asset class.
Masterworks purchases paintings by renowned artists and offers shares to investors. By doing so, it pools together multiple investors to collectively own a single piece of art. When the painting is sold, investors share in the profits, much like stockholders in a public company
Winfrey’s interest in art isn’t new. She’s been a lifelong patron and owns an extensive collection dispersed across her multiple residences. In 2015, Winfrey auctioned off personal belongings, including artwork, when she closed Harpo Studios in Chicago, donating the proceeds to charity.
Notable pieces in her collection included an oil painting by Hovsep Pushman valued between $35,000 and $45,000 as well as “The Red Scarf” by Richard Edward Miller, with an estimated value of $80,000 to $120,000.
Her California home’s library features works by Harry Roseland, and a prestigious 1945 painting by Thomas Hart Benton, “Back from the Fields,” holds a special place above her mantel.
Awarded the Presidential Medal of Freedom in 2013, Winfrey has also been a philanthropic force in cultural spaces. Her $12 million contribution to the Smithsonian’s National Museum of African American History and Culture resulted in the museum naming its 350-seat theater in her honor.
And she’s not alone. Winfrey is part of an illustrious group of celebrity art aficionados, including Madonna, Leonardo DiCaprio and William Louis-Dreyfuss. Like Winfrey, these celebrities have made headlines not just in entertainment but also in art collecting.
Winfrey’s successful art investment is just one example of how this asset class can yield impressive returns. With Masterworks, the opportunity to invest in art is no longer limited to the ultra-rich. Anyone can start an art investment journey and potentially enjoy significant returns.
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Oprah Winfrey Made A $62 Million Profit On High-Profile Investment — And You Don’t Need To Be A Billionaire To Do It originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.