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Started By
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TD.com user The Egg charged a $170 million painting to get frequent-flyer miles
Posted on 11/23/15 at 4:39 pm
Posted on 11/23/15 at 4:39 pm
quote:
Chinese billionaire and art collector Liu Yiqian found a savvy way to accumulate frequent-flier miles. He put his record-breaking purchase of Modigliani’s Reclining Nude painting — which he bought at auction for $170 million — on his American Express card.
Liu, a former taxi driver, told the New York Times that he charged the painting so that he, his wife, and their extended family of four children and two grandchildren can accumulate Membership Miles and fly around the world for free.
The billionaire is a passionate traveler: Before he started collecting art, he contemplated buying a plane. But who needs a plane when you have millions upon millions of miles?
LINK
This post was edited on 11/23/15 at 4:40 pm
10
Posted on 11/23/15 at 4:40 pm to stout
Billionaire.
Spend 170 million dollars on painting.
So he can save money on flying commercial.
Makes sense.
Spend 170 million dollars on painting.
So he can save money on flying commercial.
Makes sense.
Posted on 11/23/15 at 4:42 pm to Fun Bunch
quote:
Makes sense.
It's the kind of thinking that'll make you a billionaire.
Posted on 11/23/15 at 4:43 pm to stout
I would say you don't become a billionaire by wasting money on plane tickets when you can fly for free.... but you don't become a billionaire by buying 170mm paintings
Posted on 11/23/15 at 4:44 pm to stout
Now we know how he became a billionaire. Money savvy guy is money savvy.
Posted on 11/23/15 at 4:44 pm to Wooly
quote:You do if you flip that painting for $200mm in about 5-10 years.
but you don't become a billionaire by buying 170mm paintings
Posted on 11/23/15 at 4:45 pm to wheelr
quote:
LINK /
Do you feel better?
Posted on 11/23/15 at 4:45 pm to stout
Posted on 11/23/15 at 4:47 pm to stout
quote:
But who needs a plane when you have millions upon millions of miles?
Fly private then go back to commercial and you'll have your answer
Posted on 11/23/15 at 4:48 pm to stout
No worries guys, I'll put Miles's buyout on my AMEX.
$15M in miles should get me to Syria and back.
$15M in miles should get me to Syria and back.
Posted on 11/23/15 at 4:52 pm to stout
He could buy his own plane and keep it running for a long time with 170mm
Posted on 11/23/15 at 4:54 pm to GreatLakesTiger24
The guy sounds like an idiot. There is nothing like flying private and he could lease his plane when he's not using it.
Posted on 11/23/15 at 4:54 pm to Jamohn
quote:
You do if you flip that painting for $200mm in about 5-10 years.
Yeah no shite. He didn't buy a depreciating asset like a car. It's an investment for which he earned an immediate return: free first class tickets anywhere he wants. If you could spend $100,000,000 on gold or land and put it on a credit card, wouldn't you? Those are two things that, like classic art, are all but guaranteed to appreciate in value.
Posted on 11/23/15 at 4:55 pm to stout
Ballin'
Posted on 11/23/15 at 4:56 pm to GreatLakesTiger24
quote:
He could buy his own plane and keep it running for a long time with 170mm
Or immediately turn around and sell the painting, pay off his balance and magically create 170M FF miles for his family to fly around on for $0.
Posted on 11/23/15 at 5:04 pm to Waffle House
^This
Posted on 11/23/15 at 5:06 pm to StealthCalais11
AMEX probably made 3% so they're happy to give him the miles
Posted on 11/23/15 at 5:09 pm to Waffle House
True
Or he could just buy a plane for his family
Or he could just buy a plane for his family
Posted on 11/23/15 at 5:15 pm to stout
Those crafty China men are going to take over everything.
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