In Singapore, another art dealer has admitted to misappropriating a client’s funds. Usually we hear stories of dealers selling works on consignment and being tempted to use the cash to float their own expenses. This case in Southeast Asia is the reverse.

Tahir, a very wealth Indonesian, gave his dealer $1.6m to buy a Botero sculpture. Jasmine Tay, his dealer, claimed the money was forwarded to a dealer in London but, in reality, she used the money to fund her business:

Mr Tahir, 63, a banking and property magnate, is one of Indonesia’s richest men and a philanthropist who joined forces with the Bill and Melinda Gates Foundation to improve the health of poor Indonesians.

Ms Tay, 49, opened her first gallery here, Jasmine Fine Art, in 1993, and set up the MAD Museum of Art and Design in 2009.

In March 2014, Mr Tahir paid her US$1.6 million for the Botero sculpture, known as Couple Dancing. Three months later, he paid her another US$38,100 for shipping fees.

Art gallery owner admits keeping client’s $2m (The Straits Times)