A “worthless” old blanket that Loren Krytzer acquired from his great-grandmother would end up saving his life, something he could never have predicted. Following a near-fatal vehicle accident in 2007, Krytzer lost his leg and was living in a friend’s home in California, with only $200 USD remaining from his disability cheques. He was forced to take his kids to Louisiana to live with their grandparents.
That is, until he watched an Antiques Roadshow episode in 2011 where an old man sold a First Phase Navajo blanket for US$500,000. Even in their own time, the fabrics were pricey, according to the appraiser, Don Ellis, a Native American gallery owner and art collector. They might cost as much as a person of high status in those days would earn in four years. Krytzer recognized the blanket on the television as the one that had been in his closet for seven years. His great-grandmother had given him the blanket, which his grandmother had once used as a catch-cloth for a litter of kittens.
Krytzer’s mother believed he would be fortunate to receive $10 for his blanket, but he hoped it would bring in between $5 and $10 million. After that, Krytzer sent the blanket to John Moran Auctioneers for testing. It turned out to be among the world’s finest and rarest Navajo chief’s blankets.
When the blanket was put up for auction in June 2012, Don Ellis and a phone buyer engaged in a fierce bidding war. It went from an opening price of US$150,000 to US$500,000 to US$1 million in just 77 seconds, and then it sold to Don Ellis for US$1.5 million.
The life-altering family blanket made Krytzer a billionaire overnight. Krytzer used his wealth to purchase a Harley Davidson, a customized Dodge Challenger SRT8, and two houses. A Mexican cruise vacation was also given to his wife and three daughters. But there were drawbacks to the windfall as well. He experienced frequent anxiety episodes and received calls from distant relatives requesting a portion. After threatening to sue him, his sister changed her mind.
