BEVERLY — Otto Kaiserauer's retirement account isn't a traditional 401k. Instead of stocks and bonds, the owner of The Beverly Hills Gallery invested in art.
Now it's time to cash in on his investments. The store at 2133 W. 95th St. in Beverly will sell all of its remaining art at 50 percent off until it's cleared out.
The final sale will mark the end of Kaiserauer's career as an art vendor. He took over the store in 1984 from the previous owners, Simon and Trudy Anshel. The North Side couple opened the store 45 years ago, Kaiserauer said.
Howard Ludwig says the art will be on sale until its gone:
He had helped the Anshels roll out nearly a dozen retail art galleries under the banner Nationwide Art Center. But when the economy began to slip in the 1980s, the chain began to shutter storefronts.
That's when the Kaiserauer decided to buy the location on the far Southwest Side. He changed the name to The Beverly Hills Gallery and also offered custom framing.
Many of the paintings in the store today are the same ones that originally lined the walls at the time Kaiserauer bought it. A significant number of paintings are of European origin, as Kaiserauer worked closely with a Croatian art dealer.
"It's kind of mind-boggling when you think about it — to get all this art sold," he said.
Born in Munich, Germany, Kaiserauer and his wife Annette have lived in North Beverly since 1971. They bought their home and sent their children to school with the profits from the modest art store.
"We had extremely good customers in the Beverly and Morgan Park neighborhoods. But that was 25 to 30 years ago. Business has dried up," Kaiserauer said.
He recalled impressionist pieces selling for $12,000 and $15,000. In addition to local customers, The Beverly Hills Gallery also once drew art aficionados from downtown, the suburbs and even out of state, Kaiserauer said.
The remaining art carries a sticker price of between $500 and $5,000. Kaiserauer said he hoped to cash out with about $200,000 once everything was sold.
On that final day, Kaiserauer will retire. Though he expects to remain in Beverly.
"I am not going anywhere," he said.
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