Knoedler Gallery Made Big Profits from Fakes, Lawsuit Claims
- October 22, 2012 11:34
With three federal lawsuits pending against New York's defunct Knoedler & Co., new allegations have emerged that pinpoint the gallery's substantial profits made from sales of about 40 suspicious artworks.
Between 1996 and 2008, Knoedler earned approximately $60 million from works provided by Long Island dealer Glafira Rosales, according to the suit. Rosales is under investigation by the F.B.I. The modern masters she sold have been claimed as forgeries in court.
According to the suit, the gallery made $40 million in profits from the Rosales Collection, which clients suing the gallery are saying are worthless fakes.
