Handlers took away artwork by renowned American painters from Berry-Hill Galleries last Tuesday after its owners defaulted on a $9.5 million loan, the Wall Street Journal reported.
Boxes were carried out of the Upper East Side gallery with the names of artists H. Frishmuth, for Harriet Whitney Frishmuth, B. West, for Benjamin West, and N.A. Brooks, for Nicholas Alden Brooks, the Journal reported.
Berry-Hill maintains the artwork was being warehoused, not seized, and says the gallery is in negotiations to repay a $25 million loan to American Capital Financial Services.
Auditors for the lender found out that Berry-Hill "secretly sold" $300,000 worth of art to Jim's of Lambertville, in Lambertville, N.J., in February and hadn't paid American Capital any sale proceeds.