Karl Lagerfeld is a well-known art aficionado, but even someone with his expertise can make mistakes. The Chanel creative director recently sat down with T magazine, where he shared a pretty regrettable story about his art collection.

Lagerfeld said in the interview that he gave away works done by Jean-Michel Basquiat and Andy Warhol before they were worth millions, because he didn't think that the artists would last. 

"Let me tell you something, the great art collections were made from very little money,” he explains to T. “Nowadays, rich people wait for things to become expensive before they buy them. And why? Because they may not be flattered to have something in their house that they bought for little money, even if it is great."

Lagerfeld didn't elaborate on which pieces he gave up, but we have to think he has some remorse for letting them go so easily.