Art Dealer Nabbed in $88 Million Swindle
It appears to be game over for Manhattan art dealer and gallery owner Lawrence Salander, who was arrested Thursday morning and accused of stealing $88 million from various art world players, institutions and investors, including tennis champ John McEnroe.
WAIT, BEFORE YOU GO…
AP via Google News:
Lawrence B. Salander used the money to try to corner the Renaissance art market and to support an extravagant lifestyle that included private jet travel, a lavish party for his wife at New York’s Frick Collection museum, and the purchase and maintenance of his Manhattan town house and a 66-acre estate, Manhattan District Attorney Robert Morgenthau said.
Morgenthau said Salander defrauded a total of 26 victims in two primary ways:
In one, he sold artwork not owned by him and kept the money. The district attorney said Salander sometimes sold a piece of art owned by someone else several times.
“Why sell it just once when you can sell it three times?” Morgenthau said.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.