I bought a painting for £12 – now it’s worth £5,000… here’s how to spot a bargain
AN EAGLE-EYED man bought a dust-covered painting for just £12 - but it was worth a whopping £5,000.
The amateur artist was the only bidder for this unloved piece at a local sale in Hertfordshire - and here's why.
It sat unframed and covered by years of debris as it hid behind a mirror, but the 50-year-old collector thought he recognised its particular brush strokes.
The 32ins by 28ins painting features geometric, abstract shapes, and was full of colour after a careful clean-up.
When the savvy buyer removed the dust and grime from the artwork, he uncovered the words 'Little Dancer'.
To his amazement, it was dated back to 1982 and had been signed by Royal Academy artist John Hoyland.
Read More
Thrilled with his find, he took the precious artwork to auctioneers Sworders, of Stansted Mountfitchet, Essex, where it was validated.
A specialist confirmed the painting was a genuine Hoyland and could go under the Hammer for more than 400 times the amount it was bought.
A Sworders spokesperson said: "The seller of the painter is an amateur artist who is drawn to abstract compositions.
"He had spotted this unframed canvas, stacked behind a mirror, when viewing a local sale.
Most read in Money
"It received no other bids so he managed to buy it for just £10, plus £2 fees.
"When he arrived home he began removing a thick layer of dust with a vacuum cleaner and the artist's name appeared.
"Following some quick internet research that reveal Hoyland's importance to the Modern British movement, he took the picture to Sworders where it was shown to our specialist."
Amy Scanlon, head of modern and contemporary art auctions at Sworders, said: "It's a great find by an important Modern British artist.
"Larger prime works by Hoyland regularly bring five figure sums at auction so we expect plenty of interest in this painting."
The auction will be held on April, 25 and previously a Hoyland was sold for £245,000 in Edinburgh in 2008.
This comes as valuable artwork is found in unexpected places elsewhere in the UK.
One man revealed a painting his dad bagged for £89 was actually worth £23,000.
The son's father had bought the artwork more than 40 years ago in Edinburgh.
It turned out it was a Don Quixote sketch, which was painted in 1961 by abstract expressionist Julio Pomar.
And, an antiques expert recently revealed Brits could have £2,000 in hidden treasure in their attic.
Experts believe the average UK attic hides valuables totalling a staggering £1,922, and around £33billion worth of “junk” lurks in our cupboards and drawers.
Elsewhere in the world, in France, a £700,000 masterpiece was discovered hanging on the back of a door in a family's home.
READ MORE SUN STORIES
The rare piece by 17th-century artist Pieter Brueghel The Younger spent years hidden away and deemed "just a bit of decoration".
The work - measuring 112cm high and 184cm wide, and valued at up to £713,000 – is believed to have been painted between 1615 and 1617.
How to spot high value artwork
Many pieces of artwork sit untouched at sales until someone does their research - here's how to spot a high value painting.
Find out who owned it beforehand
This will be a good indicator of the painting's value, if it belonged to someone well-known in the art community there might be a reason for it.
Figure out who the artist is
If the artist is well-known it will be worth more - but it is still important to do your research - if the artist died young and only produced limited pieces this may add value.
Check the condition of the piece
Make sure there are no rips, tears or cracks as these will decrease the value and also check if the paint has faded significantly.
What is the painting about?
The type of painting could indicate how much it is worth, in history portraits of women have made more than men and bright, happy pieces sell better than darker landscapes.
Check the frame
High quality frames usually mean the painting is more valuable.
Painting material
Artwork completed on canvas is generally more valuable than those on paper - paintings are also normally worth more than prints or sketches.
Look at what colours are used
Red has been known for increasing the value of a painting.
Take expert advice
If you are in doubt, it is always a good idea to take your artwork to a specialist and have it examined.
Source:
