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Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

By Jason Farago,  Newser Staff

Posted Jul 1, 2009 7:53 AM CDT
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(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)
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COMMENTS
Showing 1 of 1 comment
Observer
Jul 1, 2009 5:44 AM CDT
Rothko's are cool but hardly worth that much cash. How could his family have that much money? He killed himself decades ago.

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

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