Newport Beach man bought Picasso work sold by Costco

Louis Knickerbocker, a 38-year-old environmental contractor from Newport Beach, phoned The Times to identify himself as the purchaser of a $39,999 Picasso drawing that was available last week on costco.com.

Since last March, the site has been offering fine art on consignment from dealers, and this is the most expensive piece sold to date.

With permission from Knickerbocker, a Costco spokeswoman confirmed the sale. Knickerbocker says he bought the Picasso sight unseen.

“I was running late, driving the kids to school, and I heard about it on KABC radio, and I called my wife on my cellphone and told her to get online and go to costco.com and buy that thing,” Knickerbocker says. “It’s an investment for the future. I’m not getting much return on the money market, or Oppenheimer funds; I figured I’d get more return on a piece of art.”

While Knickerbocker owns a few works by lesser-known and local artists, he says: “This is my first real expensive piece.”

Knickerbocker, who says he charged the Picasso on his American Express card, has never been a serious art collector but says, “Now I’ve got the bug.”

Knickerbocker adds that in the past he made two other important purchases at Costco: his hearing aids, and a diamond engagement ring for his wife.