This afternoon, my Daily Beast’s afternoon scoop showed up in my inbox. Apparently Wildenstein & Co is the subject of police raids resulting from claims that they are dealing art that is owed to Jewish families and other family estates. Thirty paintings were seized back in January.
Slight background: Arne Glimcher and Guy Wildenstein combined forces back in 1993 to form PaceWildenstein Gallery. Pace covered modern to contemporary art and Wildenstein handled old master work. This powerhouse gallery was an art market touchstone until they parted ways in April of 2010.
Guy Wildenstein is being closely looked at by the French government for tax evasion and money laundering. It seems that these investigations have been ongoing and were probably at the root of the split of PaceWildenstein Gallery. Even if they weren’t, Glimcher doesn’t seem to be the gullible type of guy and probably suspected there were some shifty things happening with his former partner’s business. Clearly, this is why I think he is a genius. Knowing when to quit is a very smart important quality in a businessman.
Here is the link from the article in the NYtimes:
The article focuses mainly on the claims made by the families demanding their family’s art back. There is no comment from Mr. Glimcher… sadly.
Image: Katie Orlinsky/Sipa Press