Briton Alan Briscoe, a retired postman who made tens of thousands of pounds spread betting on various sports, is to auction his art collection, his luck having run out (for now).

Briscoe told the Journal newspaper that he had amassed a small fortune, investing £250,000 ($372,680) a year in spread bets - using the differences in odds between bookmakers to ensure that he would always come out in profit.

Ex-postman Briscoe invested his winnings in contemporary art, which he is now selling to generate funds

Briscoe was barred from two bookmaking firms after he became too successful. "Then I started making silly, amateurish bets again and lost it all," he informed the Washington Journal.

With the spoils of victory, Briscoe purchased contemporary art, including a rare, signed Damien Hirst print and a number of photographs by society photographer Lord Lichfield. The Lord Lichfield collection is expected to achieve £6,000 - 10,000 ($8,941 - 14,902) on March 28, while the single Hirst is thought to be worth a weighty four figure sum.

Briscoe's story is testament to the importance of maintaining a diverse and potentially propitious investment portfolio. Sensible contemporary art purchases have shielded Briscoe from the harsher effects of a sharp turn in luck.  

Briscoe, who lives with his mother, told the local newspaper: "I hope it will clear my debts and give me something for retirement."

See the pair of investment grade Damien Hirst originals we have in stock.

Sign up for our free weekly newsletter.