Semanada >   H. Jackson Brown, Jr.
When you lose, don't lose the lesson

segunda-feira, março 30, 2009

O Madoff da Arte

In a kind of junior Bernie Madoff Ponzi scheme of the art world, Lawrence B. Salander, 59, was arrested at 7:45 a.m. today at his 66-acre Millbrook, New York, estate and served, along with Salander-O’Reilly Galleries, a 100-count indictment for stealing $88 million from 26 victims, including investors, art owners, and a bank.
One extraordinary sequence involved Brown Still-Life, a Stuart Davis painting owned 100 percent by Earl Davis and consigned to the gallery. In July 1994, a 50 percent stake was sold to Gerald Peters Gallery. In May 2005, Bruce Springsteen manager Jon Landau bought another 50 percent stake in the painting. Then, later that same month, Salander sold another 50 percent share to collector Elaine Rosenberg. And three months later, in August 2005, he sold the entire painting, to San Francisco/Santa Fe gallery Owings-Dewey Fine Art.

Stuart Davis's "Brown Still-Life" was at the center of one of Salander's more extraordinary schemes.

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