Art Market Monitor

Global Coverage ~ Unique Analysis

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

Silent Partner in Art Deals Raises Objections

October 16, 2017 by Marion Maneker

The Courthouse News Service has the details of a federal lawsuit filed in New York’s Southern District against Atam Sahamnian who convinced James Whitely to go into business with him a year ago. The deal has since gone sour with Whitely claiming he’s had no proof of any of the deals and wants to know where more than $1m of his money is. Whitely had advanced $1.7m to Sahamnian and received disbursements of $375k.

Courthouse News Service followed up on the complaint and got this surprising rebuttal:

Sahmanian counted Warhols, Basquiats and Picassos in his private collection, and he claimed to have “bought and sold over 1,000 Picassos over the years as either a dealer or for his personal collection,” according to the complaint.

In addition to claiming that he had special clearance from Britain’s royal family to personally advise the prince of Wales on art, Sahmanian allegedly claimed to have sold more than $300 million worth of pieces to a group of “Texans” who were still his clients.

Reached over the phone for comment on Whitely’s fraud claims, Sahmanian declined to comment on all but one detail.

He called the allegation about his experience with Picassos “ridiculous,” saying a thousand-plus sales would have made him an unrealistically wealthy dealer.

Banksy Sales Inspire $1M Fraud Claim (Courthouse News Service)

More from Art Market Monitor

  • How Pinchuk Got to Contemporary ArtHow Pinchuk Got to Contemporary Art
  • Street LifeStreet Life
  • Bonham’s African Sale = £1.99mBonham’s African Sale = £1.99m
  • ArtInfo’s ABMB 2012 SalesArtInfo’s ABMB 2012 Sales
  • Christie’s Hong Kong 20th C & Contemporary Asian Evening Sale = $121mChristie’s Hong Kong 20th C & Contemporary Asian Evening Sale = $121m
  • Bloomberg: Pinault Considering Restructuring Christie’s Bloomberg: Pinault Considering Restructuring Christie’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

  • Gorky, Kandinsky Works to Make First Public Appearance Since 1970s at Sotheby's
  • Soulages First Owned by Senegalese Poet-Politician Léopold Sédar Senghor Sells in France
  • For 2020, Phillips Brought in Total of $760.4 million, Down 16 Percent from 2019; Asia Sales Up 24 Percent
  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Tony Podesta's Secret Art Buying
  • After Pandemic’s Rapid Change, Sotheby’s Has 8 Predictions for 2021
  • A Season of Resilience: Fall 2020 Hong Kong Auction Analysis
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Christie's to Sell $12m Yves Klein to Benefit The Water Academy
  • Roy Lichtenstein’s Top Ten Auction Prices
  • 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