John morrissey hunts young artists the way some money managers dig for undiscovered stocks. In the evenings the West Palm Beach (Fla.) attorney scours magazines such as Artforum and Web sites such as Artnet He tours galleries in New York and Miami, chatting up dealers and sometimes the artists themselves. Buying works early can lead to spectacular returns. In 1998 he bought a piece by abstract painter Cecily Brown for $ 11,000 at her second show, at New York's Deitch Projects, a gallery. Lastyear, he says, a similarly sized piece from the same show sold at auction for $968,000." My artists have outperformed any other investment I've made," he says. Art is hot.
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