Bloomberg has a lengthy summary on the charges leveled against dealer Guy Wildenstein and his family this week, exploring Wildenstein’s various offshore holdings. The article notes that about $875 million in work is held around the globe, and were used to maintain a flow of cash to the family. “There were sales in order to generate the money for making distributions to support their lifestyles,” says Brian Taylor of the Royal Bank of Canada, which administered the funds.
The Art Market Monitor notes Sotheby’s choice to sell a recent David Hockney Woldgate landscape in its upcoming November sales in New York, and notes a series of interesting choices made by the auction in its selection. “It has an eye-opening estimate of $9-12m for a body of work that has not seen action on the public market; and, Sotheby’s seems to be banking on the success of February’s big Tate retrospective which isn’t always a slam-dunk,” Marion Maneker writes. Read More »
A pair of Van Gogh works stolen from the Van Gogh Museum Amsterdam in 2002 have been recovered in Italy, the New York Times reports, found during an investigation into Mafia clans in the country. “In this case, they were most likely used in what we call ‘art-napping’ — the Mafia often steals work of art and uses them as a kind of payment within their own families,” says art crimes expert Arthur Brand. “Or if a boss is caught, he can sometimes make a deal for a lesser sentence in exchange for offering to help find stolen works of art.” Read More »