This story just keeps getting better and better. According to Sam Leslie, the court appointed forensic accountant who now runs the daily operations:
As detailed below, my review of the books and records of ACE have lead [sic] me to conclude that during the Chapter 11, significant sums of money were diverted by Chrismas to affiliates of Douglas Chrismas, ie, ACE Gallery New York Corporation and ACE Museum. I have as of May 10, 2016, terminated his role with ACE operations.
In her article, Jori Finkel goes on to say: Later, he specifies the amounts. Over the period from February 2013 to February 2016, Leslie says that a total of $16,910,139 directed to Ace New York. Of that sum, he says $4,568,382 was diverted to an entity known as the Ace Museum.
Both companies are a mystery, since Chrismas closed the New York branch of his gallery over a decade ago, and his “museum” on La Brea Avenue in Los Angeles has a spotty exhibition history.
What’s more, Leslie says that Chrismas instructed assistants to move 60 works of art from Ace Gallery to a private storage facility the day before Leslie took over management.
Talk about GREED! If the information is this article proves to be true, Mr. Chrismas should spend a good deal of time behind bars. This is such a crime and a lot of people are going to be hurt. For more on this amazing story from the Contemporary art world, click HERE.
Doug Chrismas – Ace Gallery