$325 Painting Now Worth $30 Million

In 1968 Ira Spanierman bought a painting for $325. “Three years later, leading Renaissance scholars identified the work as a lost 15″8 portrait of Lorenzo de’ Medici by Raphael. Spanierman was thrilled. Almost four decades after his purchase and discovery, Spanierman has placed the Raphael with Christie’s International to be auctioned on July 5 — during London’s old master sales at Christie’s and Sotheby’s tomorrow through July 6. The work has a top estimate of 15 million pounds ($30 million).”