|New York City Art Dealer Who Bilked Stars Gets Prison Time|
Gallery owner Lawrence Salander, center, leaves New York Supreme Court with his son Jonah, right, and his attorney Charles Ross, Thursday, March 18, 2010 in New York. AP Photo/Mary Altaffer.
NEW YORK (AP).- An art dealer who conned his star-studded clientele out of $120 million while indulging in such luxuries as a private baseball stadium was sentenced Tuesday to at least six years in prison for a fraud that swept up John McEnroe and the estate of Robert De Niro's father.
A tearful Lawrence Salander told a Manhattan judge before hearing the sentence, which could send him to prison for as long as 18 years without time off for good behavior, that he was "deeply ashamed." The disgraced 61-year-old art dealer said his wife had recently decided to separate from him.
"I lost my wife, my business and my reputation," Salander said as several of his 30 victims watched from the courtroom audience, still reeling from their own losses.
The bankrupt Salander hasn't paid any restitution to his victims.
"He stole my childhood promises," said Dr. Ellen Shander, a psychiatrist whose father's estate was swindled out of $2.2 million in paintings, including a Picasso, a Monet and a Cezanne.
Salander pleaded guilty in March to grand larceny and other charges, admitting he bilked his clients through phony art investment opportunities and sales of pieces he didn't own. He sold investors shares in artworks that amounted to more than 100 percent, inflated the prices backers paid to buy in and lied about having lucrative deals lined up to resell the pieces.
Meanwhile, he kept sale proceeds he should have given to artists' families and others who entrusted him with pieces to sell. Sometimes he used their artworks to pay his own debts while indulging in private jet travel and a 66-acre estate in Millbrook, N.Y., where he built a small baseball stadium, prosecutors said.
"Lawrence Salander is a pathological, self-absorbed con man," Assistant District Attorney Kenn Kern said.
One of Salander's investors, a group called Renaissance Art Investors LLC, lost at least $45 million. The estate of abstract expressionist Robert De Niro Sr., the "Raging Bull" actor's father, lost about $1.25 million.
McEnroe lost about $2 million after Salander sold him a half-interest in a painting by the renowned abstract expressionist Arshile Gorky a work the three-time Wimbledon tennis champion later learned was on someone else's wall, prosecutors said.
State Supreme Court Justice Michael Obus called Salander's scheme a "deplorable" exploitation of a business that operated on handshake deals.
"There is no excuse," the judge said.
Salander is a recovering alcoholic and prescription drug addict, and he had a stroke shortly before his guilty plea, defense lawyer Charles Ross said.
The process of dismantling the Manhattan dealer's now-closed Salander-O'Reilly Galleries LLC continues in bankruptcy court.
Copyright 2010 The Associated Press.
August 5, 2010
Long Wait Over: After a Seven-Year Facelift Cairo Islamic Art Museum Reopens
Tate Liverpool Announces First Major Retrospective of Nam June Paik
Sotheby's Q2 Beats Wall Street on Strong Auction Sales
Guggenheim Announces "Art in France, Italy, and Germany, 1918-1936"
Exhibition of Italian Prints from Mantegna to Piranesi to Open in Adelaide
Iconic Swiss Painter Albert Anker Gets Big Centenary Show
John W. Coker Announces Sale of Impressionist, Post-Impressionist Treasures
Phillips de Pury & Company Announces Latin American Art Sale
AGO to Exhibit the Work of Eva Hesse, Betty Goodwin and Agnes Martin
Century-Old Tower in Massachusetts Marks Mayflower's First Landing
Christie's Announces Worldwide Sales of $2.57 Billion for First Half of 2010
New York City Art Dealer Who Bilked Stars Gets Prison Time
80 National and International Galleries Exhibit at the Melbourne Art Fair
United States to Send First Delegation to Hiroshima Memorial
Steven Holl Architects Chosen to Design the New Queens Library at Hunters Point
Key Painting by Alan Davie Acquired by University of Leeds
New Acquisition for the Walker Art Gallery
Cheshire's Vanished Age at Bonhams, Tunicliffe's Evocation of Time Gone By
$30 Million Bugatti Car on Display at Mullin Automotive Museum
Ideas That Stick, World's Largest Artistic Billboard Made of Post-It Super Sticky Notes
9/11 Memorial Preview Site Reaches One Millionth Visitor
UNESCO Adds 21 New Places to World Heritage List
Kathleen Ariatti Banton's The River of Forget at Jonathan Ferrara Gallery
Bonhams Returns to Reims-Gueux Grand Prix Circuit with Exciting Line Up of Cars
Conquistador Monument Draws Mexican Indians' Ire
Most Popular Last Seven Days
1.- Egypt conservationists to sue over 'botched' Egyptian Pharaoh Tutankhamun mask repair
2.- Scrolls scorched by Vesuvius may be read again thanks to 21st century technology
3.- Italian government seizes more than 5,000 looted antiquities in record 45-million-euro haul
4.- Remains of at least five people found in Alexander the Great-era tomb in Amphipolis
5.- Munich poised to lift ban on Holocaust memorial project known as Stolpersteine
6.- Rare coin records smashed by Heritage Auctions at Florida United Numismatists Convention
7.- Bonhams to offer Alan Turing's hidden manuscript on the foundations of mathematics and computer science
8.- Jane Wilson, painter of luminous landscapes, dies at the age of 90 in New York
9.- First exhibition in the UK to examine Rubens influence on art history opens in London
10.- Paul Simonon presents a series of new paintings at London's Institute of Contemporary Arts
Former Gallery Owner Lawrence Salander: The Art World's Bernie Madoff, and His Deceptions
New York City Art Dealer Who Bilked Stars Gets Prison Time
Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .
|Royalville Communications, Inc|