SAG HARBOR, N.Y., Aug. 21 (UPI) -- A New York artist who graduated from the University of Virginia wanted to make some extra money so she painted oil portraits of Alan Greenspan.
Erin Crowe was just looking for some extra cash to travel to Europe when she put her oil portraits of the Federal Reserve Board chairman on sale at The Gallery in Sag Harbor, N.Y.
Evidently a fair number of people from Wall Street vacation at the Long Island beach location, because all 18 of her expressionist-style paintings have been sold, the New York Times reported Sunday.
Some of the paintings entitled If You Say So, I Gotta Tell Ya and Humpf grabbed up to $4,000 each.
However, one hedge fund manager who bought a portrait spotted an arbitrage opportunity and sold the portrait to another fund manager for $10,000 -- five times what the original owner paid.
Hmmm...$4,000 for a painting of Alan?!? I call this one - Conundrum....
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Posted by: Cabinetvote | January 02, 2010 at 03:12 PM