Works from the gallery was accused of fraud dealer Lawrence Selendera may go up for auction

paintings and sculptures of the old European masters, purchased notorious gallery Salander-O'Reilly before its bankruptcy in 2007, can be auctioned. About it reports Bloomberg.

Gallery ceased operations due to the fact that its owner Selender Lawrence (Lawrence Salander) was charged with fraud. Victims allege that the dealer sold the work that was not their own, without the permission of the owners and leave all the proceeds themselves. Return the product of money and require more than 400 plaintiffs, both physical and legal persons.

Counsel creditors Galleries orders: Robert (Robert Feinstein) said that the auction is scheduled for June this year. Last September, he spoke about the negotiations c Christie's. According to him, no agreements with the auction house has not yet been reached. Representatives of Christie's declined to comment.

last year Selenderu were indicted on 103 items, including theft of a large scale and falsification of documents. He pleaded not guilty and was released on bail of $ 1 million. As the plaintiffs argue that the dealer cheated its customers - collectors, artists and investors - in excess of $ 92 million.

right of first pick up a share of auction proceeds belonged to the main creditor of the gallery - Bank of America . Within the Group Bank First Republic in 2002 gave Selenderu loans totaling approximately $ 30 million. As a gallery owner, provided the pledge works of art, which actually belonged to other people (Selenderom presented papers on the property were fraudulent). Under American law, claims of secured creditors are satisfied first. But lenders have not received any support (those who submit orders:), became suspicious that the bank knew about the fraudulent activities Selendera. After they threatened him with the court, the bank agreed to give them 2.5 million dollars from the amount that will be generated at the auction, and take a rest. Agreement between First Republic and the creditors was approved by the Court of the United States in January of this year.

Selendera Gallery was founded in 1974. She specialized in European art of the XIX century, modernism and creativity of contemporary artists. In 1991 Selender bought his business partner William O'Reilly (William O'Reilly), and in 2005 moved to a gallery in the Italian palazzo, spirit, located in one of the most fashionable districts of New York. The area it was only a 2 300 square meters.

Selender also designed the partnership with the investor Shupakom Donald (Donald Schupak), with whom he intended to develop the market of European art XII - the beginning of the XVIII century. According Selendera, an art greatly underestimated in comparison with the works of the second half of the twentieth century. Later Shupak Selendera sued, arguing that the dealer sold the secret from a partner owned the partnership works to settle with its debts.

New York art dealer Richard Feigen (Richard Feigen), acquainted with the documents relating to the gallery presented works by the Renaissance, said that not all works are valuable. In October last year, the estate hired an art gallery consultant Kristin Gary (Kristin Gary) so that it had examined the work and identify those that may be the creations of great artists.

Material prepared by Julia Maksimova, AI

Source: bloomberg.com , artinvestment.ru

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