The International Association to Save Tyre took out a bank loan and bought the 1914 painting by Picasso entitled, L'Homme au Gibus (Man with Opera Hat). They then organised a raffle for the art work with 50,000 tickets at 100 euros each.
On Wednesday the draw took place and an American, Jeffrey Gonano held the winning ticket. He said that he was looking for something to put on the wall. Well now that he has a $1m Picasso, I hope he has good security in his house and adequate insurance! Oh and please do make sure that the hook in the wall is secure before hanging the picture.
Five million euros return on a one million dollar investment was a very good return for the charity.