On July 2, 2013, a U.S. District judge decided the fate of 15 contemporary artworks once belonging to the disgraced financier and attorney, Marc S. Dreier. Dreier was convicted of fraud in 2009 for selling hundreds of millions of dollars in fake promissory notes to hedge funders and a section of his collection has remained in limbo ever since.
Judge Jed S. Rakoff ruled that the art holdings, worth $33 million, will be turned over to New York’s Heathfield Capital Limited, the company that suffered the greatest from Dreier’s scam. The works going to Heathfield Capital include a piece by the conceptual artist John Baldessari (b. 1931), an untitled work by Keith Haring (1958-1990), one work by Alex Katz (b. 1927), three by Roy Lichtenstein (1923-1997), an untitled work by Mark Rothko (1903-1970) and three pieces by Andy Warhol (1928-1987) including the iconic Jackie portrait of Jacqueline Kennedy Onassis. The bulk of Dreier’s collection was sold in 2010 at Phillips and the profits were reserved for creditors of Dreier’s law firm.
Drier is currently service a 20-year sentence at a federal prison in Minnesota.
