Art Market Monitor

Global Coverage ~ Unique Analysis

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

Who Will Take Responsibility for Glafira Rosales’s Fakes?

October 1, 2013 by Marion Maneker

credit: JEFFERSON SIEGEL
credit: JEFFERSON SIEGEL

Michael Schnayerson asks the pertinent question in Vanity Fair now that Glafira Rosales has not implicated Ann Freedman or the Knoedler Gallery itself in the forgeries both sold. Pierre LaGrange has reached a settlement:

The other buyers, among them Domenico De Sole, chairman of Tom Ford International, and John D. Howard, C.E.O. of Irving Place Capital, are not so fortunate, at least not yet. Knoedler hasn’t settled with them. Now that Rosales has admitted her guilt, the buyers may have a harder time arguing for restitution from Knoedler and Freedman, who were, arguably, fellow victims. Which means the buyers may turn their lonely eyes to . . . Michael Hammer.

Hammer, grandson of billionaire industrialist Armand Hammer, is the chairman of the Armand Hammer Foundation, which holds a controlling interest in Knoedler. John Howard says he’ll keep on with his suit “to the death” and adds: “Hammer talked with Ann every day. He knew everything that was going on. She sold a painting for $4 million to me, [having] bought that painting for $300,000–400,000. . . . How could she buy these paintings for 10 percent of their value?”

All five plaintiffs name Hammer as a party to their suits. Hammer’s lawyers take exception to that. In moving to dismiss De Sole’s suit, they note that it “does not allege that Mr. Hammer knew that any painting sold by Knoedler was counterfeit. . . . or that he knew or should have known that the allegedly forged paintings had been obtained from defendant Glafira Rosales, or that he even had heard of Ms. Rosales.”

One source close to the story thinks Hammer took $10–20 million as his share from the sale of the paintings. Whether he knew about Rosales or not, shouldn’t he at least give that money back? Howard asks. And perhaps kick in, from his personal fortune, the rest of what those buyers paid? “If nothing else, if he’s an innocent, return the money!” declares Howard.

What Does Glafira Rosales’s Guilty Plea in the Knoedler-Gallery Forgery Case Mean for Ann Freedman and the Rest of the Players? (Vanity Fair)

More from Art Market Monitor

  • John Howard’s Amended Knoedler ComplaintJohn Howard’s Amended Knoedler Complaint
  • Freedman’s Defamation Suit: The ComplaintFreedman’s Defamation Suit: The Complaint
  • Freedman Sues for Defamation Over Due Diligence QuestionFreedman Sues for Defamation Over Due Diligence Question
  • US Attorney Asks for Stay in Knoedler Civil Cases to Aid Further Criminal ProsecutionsUS Attorney Asks for Stay in Knoedler Civil Cases to Aid Further Criminal Prosecutions
  • Freedman Mounts Her DefenseFreedman Mounts Her Defense
  • Knoedler/Rosales Fakes Still Lurking on the MarketKnoedler/Rosales Fakes Still Lurking on the Market

Filed Under: Fraud, Theft & Restitution Tagged With: Glafira Rosales, Knoedler

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
 

Loading Comments...