The French Court of Appeal has demanded a €20 million bail from Guy Wildenstein, over the art dealer’s alleged concealment of over 30 works from his family’s non-profit, reported as “stolen” or “missing” by their original owners. (more…)
A painting by Baroque artist Guercino has been stolen from the Church of San Vincenzo in the northern town of Modena, Italy this week. The work, depicting the Madonna with St. John the Evangelist, is valued at over $8 million, and was stolen in the middle of the night when the alarm system failed to function properly. “This precious painting is part of the cultural heritage of Modena,” says Modena’s mayor Gian Carlo Muzzarelli. (more…)
Bloomberg takes a look at the current arts community in Cuba, and its long, robust tradition of arts over the past century. The article also goes on to discuss a loophole in the U.S. embargo which allowed America collectors to purchase artworks and prints under the classification of “informational material,” and which led to a surge in the market during the 1990’s. “The arrival of foreign collectors sounded an alarm for the Cuban government,” says dealer Luis Miret Pérez. (more…)
A recent article by the Telegraph examines the theft of iconic artworks, and their fate on the black market. Often, journalist Alaistair Sooke notes, the works have a black market value of about 3% to 10% of their real market value, and are often used as collateral in dangerous illegal activities like drug trading and/or gun-running. (more…)
Manhattan dealer Helly Nahmad has plead guilty to operating an illegal gambling ring, the Daily News reports. Arrested earlier this year in a massive sting operation that nabbed 33 suspects, Nahmad’s plea deal is anticipated to include a fine of around $6.4 million, as well as a potential 12 to 18 months behind bars. “It started as a hobby,” he said in court. “Unfortunately, it became a business. But it was never my main business.” (more…)
A German investigation into a multi-million dollar art forgery ring has led to the arrest of two suspects, and the seizure of over 1,000 objects. The illegal operation specialized in avant-garde Russian works of the 20th century, including forged pieces by Wassily Kandinsky, Kazimir Malevich and Natalia Goncharova. “It’s well known that avant-garde works are particularly subject to forgery purely on stylistic grounds,” says auctioneer William MacDougal. “It’s not that difficult to paint a convincing black square. It’s much more difficult to forge a Rembrandt, for instance.” (more…)
