"In April 2010, Sotheby’s Inc. won a $6.6 million judgment against him in connection with three artworks he bought at auction and later refused to pay for." (UPDATED 2X)

Halsey Minor files for personal bankruptcy.  Some background here.

UPDATE:  "Halsey Minor's Art Addiction Helped Drive Him To Bankruptcy."

UPDATE 2:  "Halsey Minor's Canny Use of Art as an Asset."