Tuesday, August 05, 2008

Chrismas Suit

A reader calls to my attention a story I missed from a few weeks ago:

"Doug Chrismas, a veteran Manhattan and Los Angeles art gallery owner, found himself in the middle of a $1 billion international fraud case last week after federal agents seized a $1.3 million Lichtenstein painting he sold last year - claiming title to the work of art was 'free and clear.' It turns out the 41-year-old painting ... had been smuggled into the country by a Brazilian money launderer, Edemar Cid Ferreira, the former owner of Banco Santos."

The buyer has sued Chrismas and his Ace Gallery "for selling him the pricey work of modern art - and claiming it was free and clear of any claims."