Investors looking to expand their portfolios are putting their money where their hobbies are.
In five short years, the price tag on Larry Sirolli's loft apartment in Manhattan has skyrocketed 70 percent. But what's hanging inside his home represents his most impressive purchase: a late 1950s abstract expressionist painting by American artist Stephen Greene. Sirolli purchased the piece at an auction in Chicago for little more than $1,000 in 1999. Today, he estimates it's worth $60,000--a whopping 5,900 percent gain.
No amateur to the art world, Sirolli, 47, boasts 23 years at Sotheby's and one year as owner of New York City private art dealership and consulting business Sirolli Fine Art, which has brought in sales of $1.3 million so far. However, his investment play is becoming more commonplace. Individuals who once focused solely on stocks and bonds are diversifying into so-called "passion investments" like art, wine and even NASCAR.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
How Millionaires Prepare for a Recession, According to a Former Wall Street Trader
5 Self-Care Habits of Every Successful Entrepreneur
Listen Closely to What People Ask You. That's Where to Find Your Hidden Power.
Gen Z Customers Want More. This 3-Step Strategy Will Help Your Company Give It to Them.
This Founder Was Madly Pulling a Pandemic Pivot When...the FBI Showed Up at Her Door With Guns, Seized Her Money and Told Her Husband He Was the Target of a Criminal Investigation
Take Customer Service to the Next Level With These Service-Based Franchises
Define Your Short-Term Goals With These 3 Components for Long-Term Success