Crain’s Chicago reports on the bankruptcy filing of Richard Love who seeks shelter from 117 creditors, including New York’s Spanierman Gallery:
Spanierman Gallery in New York claims the Chicago art dealer owes it $677,000 for three transactions allegedly gone awry. The lawsuit says Mr. Love defaulted on paying for paintings he purchased and then sold through his consignment art gallery.
The lawsuit — citing tax records, court documents and interviews — says Mr. Love paid himself $200,000 a year and his wife $100,000 “despite the fact that she performed no significant work.” The lawsuit says such payments were made even though the gallery was losing as much as $20 million each year and creditors weren’t being paid.
Longtime Gallery Owner Richard Love Files for Bankruptcy (Crain’s Chicago)
