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…)

Monet Sells at Sotheby’s, via Sotheby’s

With the closing of this week’s Impressionist and Modern Evening Sales at Christie’s and Sotheby’s, evidence of a strong art market is not hard to find.  Sotheby’s held a slight edge over its recently successful rival, managing an auction total of $165.9 million, with only 13 of the 71 pieces going unsold.  Two pieces passed the ten million dollar mark, and 29 were sold for more than one-million dollars. The auction also set auction records for Camille Claudel and FrantiÅ¡k Kupka. In contrast, Christie’s achieved a result of $100.4 million over the course of its 44 lot sale. The result lies in between the total pre-sale estimate for the auction house of $82.8 to $118.8 million. Only seven works remained unsold, and two lots were sold for over ten million dollars.

Wassily Kandinsky, Studie zu Improvisation 3 (1909), via Christie’s (more…)

Sterling Ruby, SP Paintings (Installation View), courtesy Nahmad Contemporary

This past month, Nahmad Contemporary was home to its inaugural show, a body of new work by American artist Sterling Ruby, entitled “SP Paintings;” a series he has been developing for a number of years, but has never collectively displayed in an exhibition until now.

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With the announcement of Sotheby’s and Christie’s summer Impressionist and Modernist sales this month, analysts are noting that both auction houses have featured top lots from the collection of the Nahmad family, showing the family’s trademark approach of purchasing art in great quantity and reselling when the time is right. “It was once said that the Nahmads propped up this market with their buying when times were tough; now they appear to be propping it up with their selling.” Writes The Telegraph’s Colin Gleadell. (more…)

Cell Phone records released in the money laundering and illegal gambling case against Helly Nahmad have put his family’s art dealing business in the public spotlight, particularly one conversation:  “Sometimes a bank needs a justification for a wire, right?” Mr. Nahmad said in a government account of a 2012 conversation. “We can just say, Oh, you are buying a painting. If they need justification, you know what I mean? You just be like, Oh yeah, I bought a, you know, Picasso drawing or something.” (more…)