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Greenspan portraits going like hot cakes

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SAG HARBOR, N.Y., Aug 21, 2005 (United Press International via COMTEX) -- A New York artist who graduated from the University of Virginia wanted to make some extra money so she painted oil portraits of Alan Greenspan.

Erin Crowe was just looking for some extra cash to travel to Europe when she put her oil portraits of the Federal Reserve Board chairman on sale at The Gallery in Sag Harbor, N.Y.

Evidently a fair number of people from Wall Street vacation at the Long Island beach location, because all 18 of her expressionist-style paintings have been sold, the New York Times reported Sunday.

Some of the paintings entitled "If You Say So," "I Gotta Tell Ya" and "Humpf" grabbed up to $4,000 each.

However, one hedge fund manager who bought a portrait spotted an arbitrage opportunity and sold the portrait to another fund manager for $10,000 -- five times what the original owner paid.

Copyright 2005 by United Press International.

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