Displaying items by tag: liquidated

Aristophil, the scandal-hit French company that amassed the world’s largest private collection of manuscripts, has been liquidated and its stock will be put up for sale. The August 5 judgment in the Commercial Court, Paris, was based on its “complete insolvency”.

The company’s accounts were frozen in November 2014 by state prosecutors, who described Aristophil as a type of Ponzi scheme (in which existing investors are paid by new investors, rather than out of profits). A mansion owned by the company in Saint-Germain-des-Prés, Paris, was sold in July for around €28m, the proceeds of which went to Aristophil’s bank, Société Générale.

The heirs of Alfred Flechtheim, a prominent Jewish art dealer who fled Nazi Germany during World War II, are urging the German state of North-Rhine Westphalia to return artworks belonging to their relative. The paintings in question, which are by Paul Klee (1879-1940) and Juan Gris (1887-1927), are currently part of the Kunstsammlung Nordhein-Westfalen’s collection in Dusseldorf.

Before the perils of World War II took hold, Flechtheim was an established art dealer in Europe, representing a variety of well-known artists including Klee, Max Beckmann (1884-1950), and a number of French Cubists. Flechtheim ran galleries in Dusseldorf and Berlin, organized many exhibitions, and founded an art magazine. However, Flechtheim’s high standing in the art world made him an easy target for the Nazis. He fled Germany in 1933 shortly after a stream of hateful articles ran in the Nazi press. Flechtheim escaped to Zurich, then Paris before settling in London. After his getaway, Flechtheim’s Dusseldorf gallery was seized and turned over to his former employee Alex Voemel, a Nazi. Flechtheim’s gallery in Berlin was liquidated and his collection, which included works by Pierre-Auguste Renoir (1841-1919), Wassily Kandinsky (1866-1944), Fernand Leger (1881-1955), Georges Braque (1882-1963), and Henri Matisse (1869-1954), was sold.    

Mike Hulton, Flechtheim’s great-nephew, claims that Klee’s Feather Plant (1919) and Gris’ Still Life (Violin and Inkwell) (1913) were part of Flechtheim’s private collection and sold under duress for well below their value when he fled Germany. The Kunstsammlung Nordhein-Westfalen does not believe there is enough evidence to support Hulton’s claim. In addition, owners of archives that could help in the case are refusing to let provenance researchers access their information, bringing the dispute to a standstill. Officials from the Kunstsammlung Nordhein-Westfalen assert that if it was proven that Flechtheim was forced to sell the works by Gris and Klee or that he received little to no money for them, that they would part with the paintings, but the current evidence is inconsequential.

Flechtheim’s heirs are currently pursuing restitution for over 100 paintings in museums in the United States, France, Germany, and other European countries.