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  1. Wealth
July 13, 2009

WBull: Art fund buys Picasso and Warhol

By Spear's

Castlestone Management, the asset manager which launched a retail art investment fund in May, bought works by Pablo Picasso and Andy Warhol for the lower than estimated price of £476,000 at Sotheby’s and Phillips de Pury’s auctions this month.

Castlestone Management, the asset manager which launched a retail art investment fund in May, bought works by Pablo Picasso and Andy Warhol for the lower than estimated price of £476,000 at Sotheby’s and Phillips de Pury’s auctions this month.

Castlestone says its fund, which has a low entry investment of £10,000, is world’s first retail art fund.

The fund bought Picasso’s Adolescents for £265,000 with the buyers premium, at a Sotheby’s auction, after an estimate of £150,000 to £200,000. It bought a Warhol silkscreen, Five Guns, for £211,000, with the buyers premium, below the estimate of £250,000 to £350,000.

To read the full story, visit wealth-bulletin.com

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