Sale of Warren Buffett portrait fails to match $19M lunch bid - Hindustan Times
close_game
close_game

Sale of Warren Buffett portrait fails to match $19M lunch bid

AP | | Posted by Yagya Sharma
Aug 31, 2022 07:29 AM IST

The portrait created by Motiva Art features a grid of letters over the picture that light up to spell out 11 of the Berkshire Hathaway CEO’s best-known quotes including, “It’s only when the tide goes out that you learn who has been swimming naked.”

The auction of a high-tech portrait of Warren Buffett didn't come close to matching the $19 million someone paid earlier this year for a private lunch with the billionaire, but it still raised $75,100 for one of his favorite charities.

The portrait of Buffett features a grid of letters over the picture that light up to spell out several of the legendary investor’s famous quotes.(AP)
The portrait of Buffett features a grid of letters over the picture that light up to spell out several of the legendary investor’s famous quotes.(AP)

Also Read| Bill Gates donates $6 bn to Gates Foundation, days after pledging $20 bn

Hindustan Times - your fastest source for breaking news! Read now.

The eBay auction wrapped up Tuesday evening on Buffett’s 92nd birthday. The portrait created by Motiva Art features a grid of letters over the picture that light up to spell out 11 of the Berkshire Hathaway CEO’s best-known quotes including, “It’s only when the tide goes out that you learn who has been swimming naked.”

A previous portrait of Buffett painted by performance artist Michael Israel in 10 minutes outside the Berkshire annual meeting attracted a $100,000 price in 2008.

Noble ‘causes’

The lunch auction Buffett has done for years to benefit the Glide Foundation that helps the homeless in San Francisco always attracts big bids because it offers exclusive access to the investor who is willing to answer almost any question except what he might buy next. This year's auction generated a remarkable amount of money because Buffett said it was going to be the final one.

Also Read| Berkshire Hathaway posts huge quarterly loss; operating results improve

But he has auctioned off a number of unusual items over the years to benefit Girls Inc. of Omaha, which provides educational, cultural and recreational programs for young women in Buffett’s hometown. That nonprofit will get all the proceeds from this week's art auction.

Odd-auctions

At one point, Buffett raised $210,000 for Girls Inc. by auctioning off one of his old wallets containing a stock tip. He's also sold off a couple of his old cars when he was ready for an upgrade to benefit Girls Inc.

Someone paid $122,500 for Buffett's 2006 Cadillac with his signature on the dashboard in 2015. And another bidder paid $73,200 in 2006 for Buffett's 2001 Lincoln Town Car.

When a bet can serve your charity

Buffett also secured a $2.2 million donation for Girls Inc. when he won a 10-year bet against a hedge fund manager that an S&P 500 stock index fund would outperform a collection of hedge funds after all their fees and expenses were factored in. Buffett has long said that most investors are better off regularly investing in a simple index fund instead of paying the high fees most investment managers charge.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Saturday, March 30, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On