|The First Art Newspaper on the Net
||Established in 1996
|| Wednesday, March 29, 2017
|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 4, 2010
Archaeologists Find Tunnel Below the Temple of the Feathered Serpent in Teotihuacan
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
More than 90,000 Persons have Visited Moctezuma II Exhibition
'American Gothic' Public Art Sculpture to Tower Over Other Exhibits at State Fair
Steven Shearer to Represent Canada at the 54th International Art Exhibition
From Your Kitchen to Michigan Avenue: Refrigerators and Art Converge
Rare Bronze Horned-Bracelet, 3,500 Years Old, Found in Israel
SFMOMA Elects New Members to Board of Trustees, Salutes Three Staff Members
Two Mexican Sites Inscribed in UNESCO World Heritage List
Scientists Say Gulf Diversity Threatened Even Before Oil Spill
Smithsonian Center for Astrophysics Says the Sun will Wake Up
Celebrated Scottish Women Artists Star in Bonhams Scottish Sale
Exhibition Explores Multiple Cultures and 500 Years of History with Art Honoring the Essential, Sacred Nature of Water
Advice on Protecting Fine Art Against High Temperatures
Set Your Place with Picasso Plates at Bonhams' First Ever Editions Sale
Over Half a Million Visit Record-Breaking 17th Biennale of Sydney
Getty Announces Cast for Outdoor Theater Production of Sophocles' Elektra
A Jaunty Stroll Through (Art) History: The Hudson River School Art Trail
Affordable Art Fair NYC Launching First Annual Fall Fair
Double Celebration At The Bowes Museum
Amsterdam Canal District Named UNESCO World Heritage Site
Most Popular Last Seven Days
1.- Priceless Van Goghs or just plain art? Works sent to museum for authentication
2.- Exhibition dedicated to the years shared between Pablo Picasso and Olga Khokhlova opens
3.- Man faces court for slashing Thomas Gainsborough painting at the National Gallery
4.- Art world horrified by President Donald Trump's push to end funding
5.- Jane Austen faked her own marriage twice
6.- Exhibition chronicles rise of the Ebony Fashion Fair, empowerment of African-Americans through fashion
7.- Art world horrified by President Donald Trump's push to end funding
8.- Discoveries by Israel Antiquities Authority shine light on life in time of Christ
9.- TEFAF's top masterpiece goes to the Rijksmuseum
10.- Exhibition devoted to the partnership between Michelangelo & Sebastiano opens
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|
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.