Tuesday, March 31, 2009

John McEnroe duped in art scam

Arshile Gorky, The Pirate I, 1944, Oil on canvas, 74.3 x 101.9 cm

NEW YORK (Reuters) – Former tennis champion John McEnroe was duped along with Bank of America, investment firms, art owners and collectors in a sophisticated $88 million art investment scam revealed in New York on Thursday....

...So far, authorities have identified 26 victims... including McEnroe, who lost $2 million after investing a half share in two paintings, Arshile Gorky’s “Pirate I and II.” The share in the paintings was sold at the same time to another collector, and McEnroe never recouped the money, authorities said.

Full story can be found here.

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