Why this fund manager paid US$15mil for a painting estimated at US$200,000

Ernie Barnes’ 'The Sugar Shack' (1976) painting. It’s a duplicate of the painting Barnes made for Marvin Gaye’s studio album 'I Want You' and is the image featured in the 1970s sitcom 'Good Times'. Photo: Christie's

The Houston-based hedge fund manager Bill Perkins walked into Christie’s on May 12, planning to spend US$2mil (RM8.8mil). An hour or so later, he left having spent US$15,275,000 (approximately RM69mil).

"The plans went awry, to put it mildly,” he says, speaking the next day. "I was shocked, but I knew it was a possibility.”