PHOTO: Boomerang in Elizabeth Bay sold in 2005 for $20 million. Photo: Andrew Quilty

Businessman and art collector John Schaeffer insists you can’t take a business approach to buying art because ultimately you are getting far more value out of it than any financial gain.

The world-renowned art collector should know, having bought, sold and gifted some of the most valuable works of art over the decades – much of them Pre-Raphaelite works.

But in his property-obsessed Sydney hometown it is his appreciation of fine real estate that has left an indelible impression on the landscape.