Gump’s is one of the country’s oldest luxury retailers. It was founded in 1861 by two brothers, Solomon and Gustave Gump originally as a mirror and frame shop, but it would become something much grander. For over a century, Gump’s has been supplying customers with some of the world’s most beautiful artifacts. In the wake of the Californian gold rush, Gump’s entered into the business of selling art.
However, it was unfortunate calamity that gave rise to its new growth. After its original location in San Francisco was burned to the ground, it relocated to Union Square from where Gump’s started sending out buyers to the far east for the purpose of acquiring various oriental luxury items, including jewelry, furnishing, silk, upholstery, and art. In time it would grow to one of the country’s biggest suppliers of exotic oriental gifts.
Gump’s current owner John Chachas is an investment banker and the founder of an investment firm, Methuselah investors. This firm has participated in a number of high-profile transactions, for example, the sale of the Rolling Stone magazine. As a boy, John Chachas visited Gump’s and became fascinated with a particular statue of the Buddha. Read This Article for related information.
In 2005, he had the opportunity to arrange a deal between buyers and the owner Gump’s concerning its sale. John Chachas asked for a fee of $225,000 for arranging the transaction, but he would get the Buddha statue instead. Because the statue had been acquired for $800 in 1957, the then president of Gump’s agreed to give him the Buddha statue in lieu of payment. An appraisal in 2007 valued the statue at $240,000. Visit This Page for additional information.
John Chachas would eventually sell the Buddha at an auction in Hong Kong for $4 million, more than 18 times the original fee he had sought for arranging the sale of Gump’s transaction. Last year he used some of the proceeds from the sale of the Buddha statue to acquire Gump’s for the purpose of revitalizing America’s beloved luxury retailer. Gump’s new store location has not been revealed, but it is set to reopen sometime before Christmas.
See also: https://en.wikipedia.org/wiki/GUMPS