Art Market Monitor

Global Coverage ~ Unique Analysis

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

Behind the Chowaiki Criminal Charges A Bigger Mystery Lurks

December 18, 2017 by Marion Maneker

A version of Degas's Danseuse en Rose not involved in this case

This report on the Ezra Chowaiki case is available AMMpro subscribers. First time monthly subscribers get a 30-day grace period. Curious readers are welcome to subscribe to the monthly option and cancel before being billed.

Criminal charges have been filed against Ezra Chowaiki, the over-extended art dealer who confessed to his silent partner in September that he had been playing fast and loose with clients and their money. Since that time, Naftali Leser sued to recover his Giorgio de Chirico late work that he acquired from the gallery in 2015. Leser's suit caused the gallery to file for bankruptcy.

On the face of it, Chowaiki's actions are already a major scandal. The bankruptcy reveals debts of $12m or more against assets of a mere $300,000. What's worse, Chowaiki is accused of a Producers-like scheme of over-selling shares in paintings that were not his own as well as using the proceeds from sales of works consigned to pay for other works. There also seems to be evidence that Chowaiki was using his clients' artwork as collateral for loans.

It's all a bit of mess that will take some time to unwind. Some of the consignors, including Jeffrey Loria, San Francisco dealer Rowland Weinstein, Pierre Sebastien, van Gogh expert Bogomila Welsh-Ovaharov and the painter Joao de Brito, may find themselves helpless to stop the bankruptcy administrator from selling their works to satisfy Chowaiki's creditors.

The now-notorious art shipping, storage and freeport king, Yves Bouvier, also had a Degas, Danseuse en Rose with Chowaiki that may now be at risk. When the Park avenue dealer declared bankruptcy, the Degas painting wasn't on the premises.


Sign up to Art Market Monitor Premium today

You need a membership to AMMpro to view this article and other exclusive content daily.

You can register today for $90 per month—with your first month free!—or for $756 per year (no free trial period.)

Screenshot 2016-08-05 16.28.45

If you already have an account, sign in here:

 
 
Forgot Password

Filed Under: General, Premium

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