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Friday
Nov012013

Elton John, Madonna Among Entertainment Industry's "Top 25 Art Collectors"

Facebook.com/EltonJohn; Stephen Lovekin/Getty ImagesGlobal pop superstars makes tons of cash, and since there are only so many mansions and cars you can buy, it's no wonder that some of them sink their fortunes into art.  The Hollywood Reporter has created a list of the entertainment industry's "Top 25 Art Collectors," and Elton John and Madonna are both on the list.

According to The Hollywood Reporter, John and his partner, David Furnish, have acquired what's considered to be one of the world's most important collections of photography, from legends like Irving Penn, Herb Ritts, Richard Avedon, Man Ray and David LaChappelle -- who helped design Elton's first Vegas show, The Red Piano.  One Man Ray image that Elton bought in 1993 for $193,000 is now worth nearly $2 million.

As for Madonna, according to the publication, she  got her art start in 1987, when she paid a million bucks for a painting by renowned artist Fernand Leger.  Since then, she's amassed more than 300 works, from big names such as Salvador Dali, Maxfield Parrish, Frida Kahlo, Damien Hirst and Man Ray.  In 2000, she paid $4.7 million for a Pablo Picasso work, and her collection was appraised at more than $100 million in 2008.  This year, she auctioned off one of her Legers for more than $7 million and donated the profits to support girls' education in Afghanistan and Pakistan.

Other musicians who are on The Hollywood Reporter's list include rappers Jay-Z and Sean "Diddy" Combs, as well as songwriter, producer and rapper Pharrell Williams.

Copyright 2013 ABC News Radio