Art Market Monitor

Global Coverage ~ Unique Analysis

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

No Love Lost on Chicago Dealer

November 16, 2011 by Marion Maneker

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)

More from Art Market Monitor

  • Digesting New York's Impressionist and Modern SalesDigesting New York's Impressionist and Modern Sales
  • Old Master RollercoasterOld Master Rollercoaster
  • Warhol Liz to Star at PhillipsWarhol Liz to Star at Phillips
  • In a Hurry to Put His Bad Deals Behind Him, Rybolovlev Sells at a LossIn a Hurry to Put His Bad Deals Behind Him, Rybolovlev Sells at a Loss
  • Auction Guarantees Are Securities but Is Everyone Up-to-Date on the Disclosure Rules?Auction Guarantees Are Securities but Is Everyone Up-to-Date on the Disclosure Rules?
  • A Nation of LoanersA Nation of Loaners

Filed Under: Dealers

About Marion Maneker

LiveArt

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

  • 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