Yahoo Finance Fab Four's Hidden Palette: Beatles' Rare Artwork Fetches $1.7 Million At Auction
The Beatles were musical geniuses whose album covers included iconic images, but they're not necessarily known for creating their own visual art.
Turns out the Fab Four had artistic talents that extended beyond their musical prowess, and a painting made and signed by the band members appears to prove it. "Images of a Woman" sold for $1.7 million at a recent Christie's auction.
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John Lennon, Paul McCartney, Ringo Starr and George Harrison were cloistered in the Presidential Suite of the Hilton Hotel in Tokyo after Japanese authorities determined it would be safest for the band to be out of the public view between their five concert performances at Budokan Hall in the summer of 1966, according to ARTnews.
They used the time working together to make the acrylic and watercolor painting after being given art materials by visitors who dropped by the hotel during their confinement.
Robert Whitaker photographed the band sitting around a table creating the piece. A lamp was placed in the center of the paper to hold it down as they worked. All four Beatles signed their names to the large white circle left in the center of the painting when the lamp was removed.
The Beatles gave the painting to Japan's official Beatles Fan Club. Record store owner Takao Nishino bought it in 1989 and consigned it for sale at Philip Weiss Auctions in 2012. The Christie's sale was consigned by Beatles memorabilia dealer Tracks Ltd., U.K.
While art often is viewed as a way to enhance the aesthetics of a room, it's also considered a good investment because it can hold its value over time. In 2022, the global art market generated nearly $68 billion, up 3% compared with a year earlier, according to Statista.
Art has outpaced the S&P 500 for 25 years. From 1995 to 2020, the S&P 500 returned an average of 9.9% per year, while contemporary art returned an average of 14.3% per year during the same period, according to AltExchange.
For most people, purchasing a high-priced painting at auction is out of reach, but the exclusivity of artwork is subsiding with the advent of online platforms such as Masterworks that enable them to purchase shares of artwork.
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This article Fab Four's Hidden Palette: Beatles' Rare Artwork Fetches $1.7 Million At Auction originally appeared on Benzinga.com
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