Another sad art world story has surfaced this week. According to a number of lawsuits, Ezra Chowaiki, Chowaiki & Co. Fine Art Ltd, duped investors and collectors into paying/investing hundred of thousands of dollars for works he never owned or had the right to sell.
On November 13, they filed for bankruptcy (Chapter 7) claiming the gallery’s assets were in the $1-$10M range and liabilities in the $10-$50M range! There are going to be some unhappy investors and painting owners.
I did check out their website … which is still up … and featured are works by many of the top artists: Sisley, Miro, Botero, Calder, Cezanne, Chagall … and the list goes on!
Source: Bankrupt Manhattan Art Gallery Accused of Ripping Off Clients – Bloomberg Quint