When you hear someone made a fortune selling art, you either assume they are an art expert or they stumbled upon a piece for pennies that sold for millions. This is not the way that Adam Sender amassed his fortune, as a matter of fact the story is quite unique in that he is actually a respected hedge fund manager and not a long-time art buyer or collector. Sender was running a very successful hedge fund where his clients were collecting nice profits each year. Sender was taking his profits and looking to invest in his future where the potential for growth was explosive.
Now ask anyone in the art world about making money selling art, they will tell you it is a very risky business. You have to consider the market which can change on a dime, then consider how long the low periods can be, and then finally consider how costly some of the paintings by the masters are. This is a challenge for an experienced art buyer, a mountain for someone like Sender who lives in the world of finance and not art. But that being said, Sender wanted to try his hand at Contemporary art and began his quest.
Sender realized quite quickly that in order to make any money, he would have to forget about getting masterpieces from the likes of a Warhol for example. Those paintings were selling for over a million dollars and they would barely return that much when he tried to sell.. Undeterred by this initial setback, he came up with a very simple yet unique plan for building his fortune. Sender went out looking for lesser-known artists who were creating their own masterpieces, and was surprised at how affordable these pieces were. These artists were either undiscovered or just about to break though, and Sender saw a great opportunity.
Sender started to purchase these pieces from those artists still not considered the greats, and he was only paying around $100,000 per painting. He knew if these paintings ever got hot, his room for profit was enormous. He proved that point by auctioning off 40 pieces of his early collection and pulled in $20 million dollars. The race was on to collect as many paintings as he could, until he reached around 400 pieces last year. Sender had since closed the hedge fund, and now was ready to unload his huge collection of Contemporary artwork. Adam Sender’s Instagram is linked here.
Sotheby’s was asked to run the auction, and told Sender this enormous undertaking would take 18 months to run its course. When all was said and done, Sotheby’s expects Sender to easily make $70 million dollars from the sale of his huge art collection that he grew in only a decades time.