A Sacrifice in the ‘70s Pays Off
In 1979, a young couple just getting their start in New York City made what was for them an incredibly lavish purchase at ASAGE Art, the American State of the Arts Gallery Exchange. They were making about $18,000 a year at the time between the two of them, $425 of which went toward rent each month, and they frequently ate rice and beans for dinner to cut down on costs. Their discretionary income was non-existent. Yet when they saw an Andy Warhol screenprint of Mick Jagger at ASAGE, they couldn’t resist buying it, even though the only way they could afford the hefty $1000 price tag was to put $100 down and pay for it in installments until they could finally take it home 10 months later.
They never regretted the purchase, however, and the print continued to hang on their wall when the couple the moved to Oklahoma, where they currently live, a souvenir of their time in New York and a sign of their love of both Warhol and the Stones. Although they had the piece appraised in the 1980s and were surprised to learn it was worth about $9000 at that time, they never considered it an investment. As the owner says they “bought with their heart” and hoped it would work out – they purchased the print simply because they loved it.
Still, they could not ignore the recent record prices that Warhol has achieved at auction and decided to submit the print to Lofty earlier this year. When they received their evaluation, they were thrilled to learn that the print is now valued at $55,000. Although they’ve decided to keep the piece and pass it down to their children, it is still satisfying to know those 10 months of scrimping in 1979 were more than worth it.