Tuesday, October 31, 2017

Famous Owner? Bigger Bucks!

Three factors are said to determine the value of real estate: location, location, location.

When art and collectibles are auctioned off, the prices they fetch also reflect three factors: provenance, provenance, provenance.

This BMW Z8, for example. At an upcoming auction it might sell for $200,000. But because its first owner was Steve Jobs, it may fetch as much as $400,000. (If Steve had been more of a car buff. expectations might be even higher.)

Paul Newman drove race cars. His wife gave him a Rolex Daytona. How much did that provenance add to the value of the watch? A lot. This month the coveted chronometer sold at auction for $17.8 million.

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