Buying and selling art has long been known as a hobby for the ultrawealthy — because after all, who else can afford to splash out $110 million for a Basquiat, or purchase an Amedeo Modigliani for $150 million?
That's why Scott Flynn says he founded Masterworks, a company that allows people of all income levels to "invest" in "shares" of art purchased by the company that they would otherwise be unable to buy outright. This practice effectively enables "investors" to have partial ownership of a painting — and collect on their proportional share of any profit once Masterworks sells the painting.
"If you look at the art market today, there's no way to invest in it other than by buying a multimillion-dollar painting," Flynn told Business Insider, noting that his company sees the most interest in works from the impressionism period and onward, with millennials "particularly focused just on contemporary" art.
Masterworks teamed up with Business Insider to highlight nine of the biggest value gains in art auction history, showing that investing in fine art by blue-chip artists — art by artists who have historically performed favorably at auction, that retains its value or even grows in value significantly over time — can be a serious money-making endeavor.
Here are nine paintings that eventually sold for millions more than their earlier purchase price:
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