Eyes on the prize as art flippers target masterpieces

New York

IN November, a painting of a pensive young woman by French artist Francis Picabia sold for 145,000 euros (S$217,000) at auction in Paris.

Six months later, the same 1940s work appeared at Christie's in New York, and at least three bidders pushed the price to US$580,000. The anonymous seller scored a 220 per cent gain, beating the Standard and Poor's Index's 3.2 per cent return in the same period.