Skip to: Content
Skip to: Site Navigation
Skip to: Search
SUNDAY, NOVEMBER 22, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


2

Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

Share

(Newser) – Ezra Merkin, the financier who pumped billions of his clients' money into Bernie Madoff's Ponzi scheme, is selling more than 10 paintings by Mark Rothko and two sculptures by Alberto Giacometti for $310 million, reports the Wall Street Journal. Some of the proceeds may go to his defrauded investors, who include charities and nonprofits.

The sale was announced by New York Attorney General Andrew Cuomo, who is suing Merkin and has frozen his assets. The price tag on the paintings is surprisingly high, and the identity of the buyer is unknown—but many in the art world think the Rothko family may have acquired the works. The family told associates they wanted to buy back the paintings after the Madoff scandal broke.

A $42 million lien against Merkin's paintings, held by Rothko's dealer on the family's behalf, suggests that he had still not fully paid for works he bought years ago.
A $42 million lien against Merkin's paintings, held by Rothko's dealer on the family's behalf, suggests that he had still not fully paid for works he bought years ago.   (©Daquella manera)
Two works by Mark Rothko at the National Gallery in Washington.
Two works by Mark Rothko at the National Gallery in Washington.   (©procsilas)
Ezra Merkin, the hedge fund manager being sued over his role in the Bernard Madoff scandal, is selling off $310 million worth of paintings by Mark Rothko and sculptures by Alberto Giacometti.
Ezra Merkin, the hedge fund manager being sued over his role in the Bernard Madoff scandal, is selling off $310 million worth of paintings by Mark Rothko and sculptures by Alberto Giacometti.   (AP Photo/Eliana Aponte, Pool, File)
« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.20.09
The Health-Care Wars Have Just Begun
11.19.09
Sarah Palin Deserves Some More Attention
2 comments
VIEWING:
 
EmilyWSussman
Jul 1, 09 11:35 AM CDT
Aw. Sad! ;) Reply
Vote up! Vote down!
0
Observer
Jul 1, 09 12:44 PM CDT
Rothko's are cool but hardly worth that much cash. How could his family have that much money? He killed himself decades ago. Reply
Vote up! Vote down!
0
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

80 Stories

Madoff Colleague Found Dead in Swimming Pool

Jeffry Picower faced Ponzi scheme lawsuit

Oct 25, 09 4:07 PM CDT
(Newser) - Philanthropist Jeffry Picower, who allegedly reaped billions of dollars from longtime friend Bernard Madoff's Ponzi schemes, was found dead today at the bottom of his Florida swimming pool. Efforts to revive him failed, and his death was ruled a drowning, police said. Picower, 67, wife Barbara, and their foundation were... More »

MORE ABOUT:
philanthropy • fraud • lawsuit • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Jeffry Picower • Picower Foundation • Barbara Picower

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

Oct 2, 09 3:15 PM CDT
(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark... More »

MORE ABOUT:
fraud • federal prison • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Peter Madoff • Andrew Madoff • Mark Madoff • Shana Madoff

Ponzi Loot Puts Madoff Client Among Richest Americans

Picower made $7.2B, lands on Forbes list

Oct 2, 09 11:31 AM CDT
(Newser) - Jeffry Picower is a secretive guy, which must have made his turn in the spotlight this week all the more uncomfortable. The former lawyer, who was already being sued for $5.1 billion in alleged profits from Bernie Madoff’s Ponzi scheme, cracked Forbes’ list of the 400 wealthiest Americans... More »

MORE ABOUT:
fraud • Forbes 400 • Forbes • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Jeffry Picower

80 Stories


Crime & Courts  •  Arts & Living  •  Business 
TwitterFollow @NewserCrime on Twitter

 
art market • fraud • art • Mark Rothko • art collector • Ponzi scheme • Bernard Madoff • Ezra Merkin • Alberto Giacometti

from our news partners