Botticelli Entangled in Salander Bankruptcy

  • July 13, 2012 12:09

  • Email
"Madonna and Child" from 1500 attributed to Botticelli.

A painting attributed to Sandro Botticelli and valued at $9.5 million may be sold in order to pay some creditors of Salander-O’Reilly Galleries, which declared bankruptcy over four years ago in New York’s biggest-ever art fraud.

Although a consignor still owns “Madonna and Child” (circa 1500), a New York judge has ruled that state law may allow the gallery to sell it to benefit creditors.

Hundreds of creditors, including actor Robert de Niro and tennis star John McEnroe, who were defrauded in Salander's Ponzi scheme are still awaiting payment. Most are not expecting much even with 4,000 artworks in storage to be sold.

Art dealer Lawrence Salander is serving 6 to 18 years in prison for stealing $100 million from consignors and investors.

He was sentenced in 2010 for failing to pay consignors when their artworks sold and peddling half-shares in artworks multiple times.

The Botticelli is owned by a family trust, Kraken Investments, based in the Channel Islands. The work was supposed to be part of Salander's over-reaching exhibition “Masterpieces of Art: Five Centuries of Painting and Sculpture,” but the gallery closed before the show opening in October 2007.

Read more at Businessweek

  • Email

More News Feed Headlines

Joseph Mallord William Turner (1775-1851) Sunset, 1830-5.

After 13 Years, ARTFIXdaily to Cease Daily News Service

  • ArtfixDaily / August 15th, 2022

ARTFIXdaily will end weekday e-newsletter service after 13 years of publishing art world press releases, events and ...

Einar and Jamex de la Torre, Critical Mass, 2002 (Courtesy of the Cheech Marin Collection and Riverside Art Museum).

Inaugural Exhibition at The Cheech Highlights Groundbreaking Chicano Artists

  • ArtfixDaily / July 7th, 2022

One of the nation’s first permanent spaces dedicated to showcasing Chicano art and culture opened on June ...

Jacob Lawrence,.  .  .  is life so dear or peace so sweet as to be purchased at the price of chains and slavery?—Patrick Henry,1775 , Panel 1, 1955, from Struggle: From the History of the American People, 1954–56, egg tempera on hardboard.  Collection of Harvey and Harvey-Ann Ross.  © 2022 The Jacob and Gwendolyn Knight Lawrence Foundation, Seattle / Artists Rights Society (ARS), New York.

Crystal Bridges Explores the U.S. Constitution Through Art in New Exhibition 'We the People: The Radical Notion of Democracy'

  • ArtfixDaily / July 7th, 2022

Original print of the U.S. Constitution headlines exhibition sponsored by Ken Griffin (who purchased it for $43.2 ...

Salvador Dalí (1904–1989), Christ of St John of the Cross, 1951, oil on canvas © CSG CIC Glasgow Museums Collection

Dalí / El Greco Side-by-Side Exhibit Prompts: 'Are They Really Paintings of the Same Thing?'

  • ArtfixDaily / July 6th, 2022

From July 9 to December 4, 2022, The Auckland Project in the U.K. will unite two Spanish masterpieces from British ...


Related Press Releases