Frank J. Fertitta III paid $7.2 million for forged Rothko - sues expert - MMA Forum - UFC Forums - UFC Results - MMA Videos
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post #1 of 31 (permalink) Old 04-05-2014, 10:56 AM Thread Starter
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Frank J. Fertitta III paid $7.2 million for forged Rothko - sues expert

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A respected Swiss art historian and curator has been drawn into the legal tangle surrounding the sale of dozens of high-priced forgeries by the shuttered New York art gallery Knoedler & Company.

In a lawsuit filed Tuesday in United States District Court in Manhattan, Frank J. Fertitta III, a major Las Vegas casino operator, reveals he paid $7.2 million for a painting sold as a Mark Rothko but subsequently identified as one of dozens of forgeries created in a Queens garage by a Chinese immigrant.

The suit names familiar characters in the ongoing drama such as Knoedler’s owner, Michael Hammer, its former director, Ann Freedman, and Glafira Rosales, the Long Island dealer who supplied the fakes. She has pleaded guilty to fraud charges.

But it also places some of the blame on a Rothko expert who the gallery commissioned to help sell the painting. The suit accuses Oliver Wick, currently a curator at the Swiss museum Kunsthaus Zurich, of having knowingly participated in the fraud “either intentionally or with willful blindness or reckless disregard for the truth.”

Because Mr. Fertitta’s painting was sold through a number of intermediaries, he only recently discovered its provenance and minimal value, the suit says.

According to the suit, Mr. Wick offered the painting on behalf of Knoedler to Eykyn Maclean, a private New York gallery that was acting for Mr. Fertitta, the chief executive of Stations Casinos in Las Vegas and a co-owner of Ultimate Fighting Championship.

At the time of the 2008 sale, Mr. Wick was a curator at the Beyeler Foundation in Basel, Switzerland, which had displayed the Rosales Rothko as part of a larger exhibition.

Mr. Wick, who was paid a $300,000 consulting fee by Knoedler, according to court documents, sent an email to the Eykyn Maclean gallery prior to the sale that stated: “I confirm that this work has been submitted to the team, all is perfectly fine, otherwise I would not want to be involved with it.” Mr. Wick could not be immediately reached for comment.

The Eykyn Maclean gallery is listed as a co-plaintiff in the lawsuit.

Mr. Fertitta subsequently sold the painting to another buyer, but recently repurchased it for $8.5 million after learning it was a fake, the lawsuit says.

Mr. Hammer and Ms. Freedman have repeatedly said they had no reason to suspect any of the works provided by Ms. Rosales were forgeries and that they had enlisted experts to establish the authenticity of the works. But customers began bringing lawsuits against Knoedler in 2011.

Federal Investigators have said Knoedler sold 40 Rosales counterfeits, while another Manhattan dealer, Julian Weissman, sold 23.
http://artsbeat.blogs.nytimes.com/20...ype=blogs&_r=0

Last edited by HitOrGetHit; 04-05-2014 at 11:24 AM. Reason: Embedded Article
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post #2 of 31 (permalink) Old 04-05-2014, 02:29 PM
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Hard to feel too bad for anyone who spends that kind of money on any one thing apart from the left foot of Jesus or something.
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post #3 of 31 (permalink) Old 04-05-2014, 02:32 PM
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Paid a perverse amount of money for a thing nobody needs. It's a fake. First world problems.




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post #4 of 31 (permalink) Old 04-05-2014, 03:16 PM
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I wonder how long before someone mentions fighter pay.

You know how some fighters get next to nothing in pay and the company owners spend millions on fake stuff.

Ops I just mentioned it!

/troll

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post #5 of 31 (permalink) Old 04-05-2014, 03:27 PM
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They build knock off Apple products, fake lambos, bootleg designer clothes, and now create world class art. This is known as mimicry. A highly adapted group who are able to imitate their surroundings to survive.

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post #6 of 31 (permalink) Old 04-05-2014, 03:46 PM
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Quote:
Originally Posted by No_Mercy View Post
They build knock off Apple products, fake lambos, bootleg designer clothes, and now create world class art. This is known as mimicry. A highly adapted group who are able to imitate their surroundings to survive.
They made a movie about just that. Dude recreated a lost painting and sold it for a bunch of cash.


Here's the full movie, I wouldn't recommend watching it. lol



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post #7 of 31 (permalink) Old 04-05-2014, 04:24 PM Thread Starter
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Some might not know what a Rothko looks like. This is the piece of art Fertitta bought:




And this one, called Orange, Red, Yellow lately (2012) cost its buyer the fine sum of $86.8 million:

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post #8 of 31 (permalink) Old 04-05-2014, 04:27 PM
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How could he not tell that was a fake!
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post #9 of 31 (permalink) Old 04-05-2014, 04:58 PM
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Some might not know what a Rothko looks like. This is the piece of art Fertitta bought:




And this one, called Orange, Red, Yellow lately (2012) cost its buyer the fine sum of $86.8 million:

I guess I am just not an art guy, but man I just can't see what is remotely special about those pieces. I mean I wouldn't pay $20 for that, let alone millions.


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post #10 of 31 (permalink) Old 04-05-2014, 05:15 PM
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The strong stroke of the brush stands in crass contrast to the innate insecurity of people who pay millions for THAT!




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