What the Heck is This Painting doing in the Garbage....hmmmm... is it worth picking up?

Stolen Tamayo Found in Manhattan Trash May Sell for $1 Million

Oct. 23 (Bloomberg) -- Mexican artist Rufino Tamayo's ``Tres Personajes,'' a 1970 painting vibrating with reds, yellows and purples, may fetch as much as $1 million at a Sotheby's auction on Nov. 20, the work's first public viewing since Elizabeth Gibson spied it in a mound of garbage on a Manhattan sidewalk.

Gibson, a tall, blond 53-year-old resident of the Upper West Side, went out for a cup of coffee on a Saturday morning in 2003. She spotted a large painting poking out from among the garbage bags left on the sidewalk on West 72nd Street. In her pre-caffeinated haze, she kept walking.

``I'm all about de-cluttering, so why was I going to take it home?'' she recalled in an interview.

A few minutes and a cup of coffee later, Gibson returned to the trash pile, saw the painting and reconsidered.

``I saw it was a big painting,'' she said. ``It needed a sleek, large apartment.''

Gibson, who works in radio and as a writer, said her apartment, which she shared with a roommate, was neither sleek nor large. Also, the chipped silver frame looked cheap. Despite these reservations, she lugged the 4-foot-wide painting back to her apartment and hung it on the living room wall.

Thus began a lengthy and at times anguished journey to discover the Tamayo's history. Gibson said she contacted lawyers, art dealers and friends in an effort to determine whether the painting was anything special. Once she learned that Tamayo was among the most important and valuable Mexican artists -- and that her colorful painting with three abstract figures had illustrated the cover of a 1974 Tamayo monograph by journalist Emily Genauer -- she hid the painting in her closet, creating a false wall using plywood and a shower curtain.

In 2005, Gibson watched a PBS television program about missing artworks, part of the ``Antiques Roadshow'' series, that featured the Tamayo. Sotheby's expert August Uribe, who hosted the segment, explained that ``Tres Personajes'' had been stolen in 1987 and missing for almost 20 years. The painting's owners, a Houston couple whom Sotheby's declined to identify, had purchased the painting at the auction house in 1977 for $50,000. It later went missing from a storage facility in Texas.

After finding a million-dollar painting in the trash, Gibson has reaped some gain herself. She collected a $15,000 reward from the owner as well as an undisclosed fee from Sotheby's. Her experiences have inspired her to begin writing a book. Uribe, meanwhile, is focused on the sale in November.