A postcard sized painting bought for 50 dollars in a box of trinkets bought at an auction. It was really worth $400,000. This landscape portrait was made by John Constables. The guy that bought it thinks that this painting was owned by John's father-in-law. what would you do if you had a painting worth about $400,000. Here is the link. http://worldnews.nbcnews.com/_news/2013/09/03/20303402-painting-bought-for-50-at-auction-is-worth-388000?lite
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That is crazy how something with all that value can be misunderstood and sold only for $50 and end up being that much money. That would be like a your pair of shoes bought for $60 worth over $200.
It seems like this happens a lot. Someone buys a small thing at a sale for a fraction of what it is actually worth. It's usually with paintings, old objects, or sports cards.
I would take the chance to auction it off and see how high it goes. Put a reserve of $50 on it just to see how high it actually goes. If it does sell in excess of 300k we will hear about it. Heck of a find though.
you never know what people will pay for art