A Painting by Sir Peter Blake Bought for £30 Expected to Fetch £350,000 at Auction
When Boys with New Ties—a painting by Sir Peter Blake bought by Jinty Stephenson in the 1950s—goes under the hammer at Christie’s London Modern British and Irish Art sale next June 25, the work could sell for 10,000 times more than what its lucky owner originally paid for it, the Daily Telegraph reports.
The painting, which depicts three young boys wearing colorful neckties, has a high estimate of £350,000 ($534,000). Needless to say, Stephenson has called it “the best investment I’ve ever made.”
Stephenson bought Boys With New Ties out of Blake’s studio, when they were both students at London’s Royal College of Art (see London’s Royal College of Art Ranked Best Art School in the World).
The young dress designer couldn’t afford to pay the £30 ($45) agreed upfront, and negotiated to pay Blake in £3 ($4.50) installments, delivered to him at a local pub every Saturday.
“I went to his studio with a friend, saw this painting and thought I have to get it,” Stephenson told the Daily Telegraph. “But £30 was probably what I was earning in a week as a junior designer back then,” she explained.
“It’s given me enormous pleasure over the years, and has always had pride of place wherever I’ve lived,” she added.
Sir Peter Blake went on to become a leading figure of British pop art and became famous for designing the iconic album cover of the Beatles hit album Sgt. Pepper’s Lonely Hearts Club Band.
Christie’s Modern British and Irish Art evening sale takes place on June 25.
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