Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Dreier's Warhols

March 25, 2010 by Marion Maneker

The Dreier case–the lawyer who stole hundreds of millions from his employees, clients and investors he duped–is pretty complicated. But the details of the artwork that are included in this BusinessWeek story are not:

Steven J. Reisman, the postconfirmation representative of the 360networks bankruptcy estates, said Dreier bought the artwork in part with $50 million he stole when his law firm worked to recover money 360networks gave creditors before it filed for bankruptcy. New York-based Dreier LLP, now defunct, was hired by 360networks’s unsecured creditors. The artwork includes four “Jackie” paintings and a “Nureyev” by Warhol, in addition to a sculpture, “Love,” by Robert Indiana.

[…] Dreier, 59, bought the “Jackie” paintings in October 2007 for $6.5 million from Gagosian Gallery in London, according to Reisman’s petition. Half the amount was stolen from the recovery money, according to the petition. He bought the “Nureyev” for $2 million, of which $1.5 million was recovery money Dreier stole, and the “Love” sculpture for $735,000, all of which Dreier stole, Reisman said.

Dreier’s Warhols Can’t Be Claimed by 360Networks (BusinessWeek)

More from Art Market Monitor

  • Sotheby’s Hong Kong Mod & Cont Asian = $126mSotheby’s Hong Kong Mod & Cont Asian = $126m
  • ADAA Art Show SalesADAA Art Show Sales
  • Salander Townhouse is Designer Show HouseSalander Townhouse is Designer Show House
  • Print the LegendPrint the Legend
  • Artelligence for October 16, 2017Artelligence for October 16, 2017
  • Department of Misplaced EmphasisDepartment of Misplaced Emphasis

Filed Under: Fraud, Theft & Restitution

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Tony Podesta's Secret Art Buying
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Basquiat's Last Girlfriend
  • Cave Painting Porn Discovered
  • Christie's to Sell $12m Yves Klein to Benefit The Water Academy
  • Aboudia, Zemba Luzamba, Dickens Otieno Anchor Contemporary African Art Sale at Artcurial in Marrakesh
  • Royall Collection of Black Contemporary Artists to Sell At Phillips
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor