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Man wins Picasso artwork in charity raffle

By Kyle Johnson,

Jeffrey Gonano won the charity raffle, 1 Picasso for 100 Euros, on Wednesday and is now walking away with a small work worth plenty more than what he paid.

The charity raffle is for the International Association to Save Tyre, which is a Lebanese city that was damaged from a civil war during the 1970s and '80s, according to The New York Times. The work, "Man With Opera Hat," was valued by Sotheby's to be worth $1 million.

The 25-year-old project manager at a fire sprinkler company told Reuters, "I was looking for art and I thought I might as well." He noted that he does not plan on selling the work, but might in the future.

The charity raffled off 50,000 tickets, each for 100 Euros, with the hope of bringing in $5 million to help the World Heritage site, reports BBC News.

The Picasso was purchased from a New York gallery by the charity thanks to a bank loan and supposedly they were able to buy the 1914 work for less than Sotheby's $1 million estimation.

Olivier Picasso, Picasso's grandson, participated in the charity, noting that "My grandfather was a pioneer in everything, in his love life, in his artwork, so tonight I'm sure he would have helped the cause."

 
 

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