Art Market Monitor

Global Coverage ~ Unique Analysis

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

That’s Not Fraud, That’s Art Dealing

May 2, 2014 by Marion Maneker

raoul_dufy_carnaval_a_nice

Several art world commenters have wondered why Helly Nahmad was required to surrender a Raoul Dufy painting. The Wall Street Journal explains but ends up revealing the gap between what the government thinks the art trade does and what dealers actually do:

Prosecutors had alleged that, along with laundering tens of millions of dollars, Nahmad committed fraud by trying to sell a piece of art for $300,000 that was worth at least $50,000 less. He was required to turn over the painting to the government as part of a $6.4 million judgment.

It would be interesting to know on what basis the government determined the painting was fraudulently over priced.

NY Judge Takes Stern Approach with Gambling Ring (WSJ)

More from Art Market Monitor

  • Rodman Primack Explains the Difference Between the Art & Design MarketsRodman Primack Explains the Difference Between the Art & Design Markets
  • Brooklyn Museum to Buy African-American ArtBrooklyn Museum to Buy African-American Art
  • Sotheby’s London Imp-Mod Evening = £103.28mSotheby’s London Imp-Mod Evening = £103.28m
  • Christie’s $30m Rothko from 1954 for MayChristie’s $30m Rothko from 1954 for May
  • Sheila Wallis Wins Figurative Art Prize by Popular VoteSheila Wallis Wins Figurative Art Prize by Popular Vote
  • Making an Impression at Sotheby'sMaking an Impression at Sotheby's

Filed Under: General

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
  • Rare Photo Album by Dutch Street Photographer Bought at Auction by Rijksmuseum
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Roy Lichtenstein’s Top Ten Auction Prices
  • David Hockney's $20m Pacific Coast Highway & Santa Monica
  • Christie's Announces $70m Picasso Self Portrait
  • Tony Podesta's Secret Art Buying
  • How to Chant Like an Auctioneer
  • Re-discovered John Constable Painting at Sotheby's in December
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • 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