> TELEPHONE US 212.355.5710

In Volume 204 of our Comments on the Art Market, we briefly covered the charges brought against art dealer, Ezra Chowaiki.  Since then, more information has come to light regarding the now bankrupt art gallery and its crooked dealer.

 

The court documents regarding the company’s bankruptcy claim reveals it has less than $300,000 in assists and almost $12 million in claims by victims who were defrauded.

 

 

Known victims

  • 1 A Cayman Island company, that is managed by a modern-art dealer, alleges that it was cheated out of $900,000. The deal was that he would purchase a 50% stake in a sculpture which Chowaiki would flip for a quick profit of over $100,000 to the victim. Chowaiki claimed a buyer was already lined up and willing to pay $2.15 million. However, once the money was wired, the victim learned that the work was not being sold by Chowaiki but actually up for auction in London.
  • 2 Sotheby’s had hired the gallery as an agent to purchase “Titine Trovato in Dress and Hat” by Henri Matisse for $12 million. Sotheby’s then had plans to resell the work for $15-$20 million. Before the deal went through, the gallery sold the work to another buyer for $4.75 million. Sotheby’s is seeking damages for the loss.
  • 3 Carpenter Fine Violins and Collectibles LLC., claims they acquired a 50% stake in Kandinsky’s "Schichtenweise" for $312,500. What is interesting is that this is the same amount of money “Victim-2” in the lawsuit claims Chowaiki stole; however, there is no information yet that connects these two cases.

Recent Blog Posts

19th Century European – Christie’s London

By Lance Rehs | Aug 23, 2018

Let’s wrap up those July sales over in London… the last of the bunch was Christie’s 19th Century European and Orientalist Art on July 12th, and the results weren’t great… I could have told you that before I even looked … More…

Read More

More Victorian Art – Sotheby’s, London

By Lance Rehs | Aug 21, 2018

Now that our show hattrick (oh wait, we do have one more next week) is over and we’re back in the gallery, it’s time to get back to some auction reviews… following Christie’s Victorian sale in early July, Sotheby’s took … More…

Read More

Watch Your Step – Danger At The Museum

By Howard L. Rehs | Aug 21, 2018

We all know that artists want the viewer to connect with their work, but this work (and a viewer) went a bit too far.  Anish Kapoor created an 8-foot hole titled Descent Into Limbo at the Serralves Foundation in Porto, Portugal.  … More…

Read More

Recently Added Work