Art Market Monitor

Global Coverage ~ Unique Analysis

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

Chasing Chowaiki’s Victims, Chagall Edition

March 15, 2019 by Marion Maneker

Ezra Chowaiki is in jail for defrauding his clients but unwinding the effects of his fraudulent dealing is taking some time. Chowaiki sold a $1.2m Chagall to a client, Rick Silver, who was induced to leave the work with Chowaiki who then not only took out a loan using the painting as partial collateral but also sold the painting to a group of London dealers.

As a new lawsuit filed to get those dealers to return the painting shows, the dealers grew impatient waiting for the painting to be delivered. What they did not know was that Chowaiki had to get the picture out of hock before he could send it to them.

In the end, the dealers got the painting just a few days before Chowaiki declared bankruptcy. Nonetheless, they’ve been reluctant to return the picture either because they sold it on to an unsuspecting buyer or they simply don’t want to lose their shares in the painting.

As a result, they’ve been sued in Manhattan court.

More from Art Market Monitor

  • Russian Nobles Pay Off at £8mRussian Nobles Pay Off at £8m
  • Who's Who in Contemporary Art Auction HousesWho's Who in Contemporary Art Auction Houses
  • SFO's Museum Lands the ViewersSFO's Museum Lands the Viewers
  • Free Beer at ARCOFree Beer at ARCO
  • Saatchi Scores with Chinese ContemporarySaatchi Scores with Chinese Contemporary
  • Sotheby’s Expects a ‘Great Deal of Excitement’ for Long Lost CanovaSotheby’s Expects a ‘Great Deal of Excitement’ for Long Lost Canova

Filed Under: Fraud, Theft & Restitution

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