The February 1996 estate sale of Martha Nelson’s Tucson holdings listed two oil paintings for $30 apiece, a price that surprised no one.
Carl Rice, a regular buyer of second‑hand art, paid $60 for the pair and later realized the paintings were signed "M.J. Heade."
He sent photographs to Christie’s, which authenticated the works as Martin Johnson Heade originals and consigned them for auction.
The Nelson estate sued in 1998, alleging a mutual mistake, but the Arizona Court of Appeals affirmed the lower court’s ruling that the estate bore the risk of the error.
The Rices collected $911,780 after fees, paid $337,000 in 1997 tax, and used the proceeds to buy a home and set up a trust, turning a $60 purchase into a $1.07 million windfall.