Re: [Pen-l] "loss of wealth

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

Back in the 60s it was an art gallery at Fisherman's Wharf in San Francisco 
featured paintings by somebody named Pat Cucaro.  His dealer, the late 
Edward J. Cory, made news in 1968 when a customer who was later confined to 
the state mental hospital at Napa bought a Cucaro painting of Angelique for 
$52,500. The state attorney general sued Cory for allegedly inflating the 
market for Cucaros by using "a mentally disturbed person's check,'' as The 
Chronicle characterized it, to bolster his claim that Mr. Cucaro was "the 
greatest artist in America, bar none.''

http://sfchroniclemarketplace.com/cgi-bin/article.cgi?f=/c/a/2004/03/13/BAGB15K4FK1.DTL&hw=bolster&sn=578&sc=440

The check, however, presumably increased the value of the paintings for 
sale.  Tourists at Fisherman's Wharf could get a real deal by paintings at 
a considerable discount from 50,000 dollars.

Later, some of the tourists presumably found out that the paintings were of 
relatively little value.  

In the process, considerable wealth and value was created.



-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com
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