Art panels valued at £300 sell for £516,000!

Published Tuesday, Feb 18 2014, 19:00 GMT  |  By  |  Add comment
A man was left with a small fortune when his Chinese artwork sold for an eye-watering £516,000 – despite being valued at just £300.

The 3.5ft tall Chinese panels were discovered after the elderly man moved to a care home and his children got valuer Richard Bromwell to take a look around the home.

Chinese panels, sell for £516,000

© Rex Features / Creativ Studio Heinemann / WestEnd61

The artwork went for more than 10 times it's value

Mr Bromwell discovered one of the porcelain paintings on a wall, before finding two more in bubble wrap under the bed and another hanging in the landing.

He spoke to various Chinese dealers but, after receiving little interest, gave them a £300 value before sending them to auction.

However, on the day of the sale, the auction room was packed and there were even ten art dealers from overseas on telephone lines.

An intense bidding war eventually led to the four floral panels selling for a hefty £516,000 to an anonymous Chinese buyer who was bidding over the phone.

Mr Bromwell telephoned the widower's children to tell them about the success, and is quoted in the Daily Mail as saying: "I telephoned the client and she had forgotten all about the sale. I told her that I had some good news. Her brother was with her and there was a moment of silence followed by lots of laughter."

The pensioner had inherited the pricy paintings from his dad, who brought the pieces - which depicted the four seasons - home from Hong Kong in the 1960s.

Wow! Try REVEAL Mag for FREE on Android tablets!!! Find out more here

Got an iPad or iPhone? Reveal Mag is specially designed to fit! Find out more here