New York Police raided the gallery of New York art dealer Helly Nahmad, son of billionaire art dealer David Nahmad, at 975 Madison Avenue, in connection with a major government crackdown on illicit online gambling and money laundering.  The raid is connected an alleged gambling ring, which reportedly hosted high-stakes poker events for major celebrities and athletes, itself, reportedly, an offshoot of a broader money-laundering operation.  Prosecutors are expected to comment on the investigation today. (more…)

Lynda Benglis sculptures and Hans Hurting paintings at Cheim & Read’s booth at Frieze Masters. All photos by Caroline Claisse for Art Observed unless otherwise noted

Frieze Masters and Frieze London concluded on October 14th, with both fairs reporting solid sales on the high end. This year, there was a distinct focus on curated booths and curatorial projects and less of an overt feeling of commercialization. Frieze Masters in particular focused on serious connoisseurship and an academic approach, both of which translated into a successful fair for dealers.

(more…)

‪‬Despite pending lawsuit against David and Helly Nahmad to return Modigliani’s Seated Man with a Cane (1918) (alleged stolen from a Paris dealer by Nazis in 1939), the Nahmads’ lawyers now say the International Art Center purchased from Christie’s in 1996, not the Nahmad family, thus the suit is misdirected. [AO Newslink]

(more…)