The $325 Raphael Sells For $37.3 Million

New York art dealer Ira Spanierman bought a painting in 1968 for $325. Last night the Raphael sold for “18.5 million pounds ($37.3 million) with commission, more than 100,000 times the price he paid for it. The portrait of the Florentine ruler Lorenzo de’ Medici set a record for the Italian painter at the Christie’s International sale in London.”