Digital Editions
Newsletters
Subscribe
Digital Editions
Newsletters
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
News

Dealer Perry Rubenstein cuts plea bargain, will serve jail time

He has been sentenced to 180 days in a private facility, and three years of formal probation

By Dan Duray
22 May 2017
Share

The art dealer Perry Rubenstein pleaded no contest to two counts of grand theft by embezzlement in a Los Angeles County court on 23 March, a deal that led to the dismissal of other ancillary charges, and his receiving, on 22 May, a sentence of 180 days in a private jail facility, and three years of formal probation. Rubenstein also paid $1,142,500 in restitution to two of his victims, Michael Ovitz and Michael Salke.

The criminal charges related to Rubenstein's bankruptcy, declared in 2014. Rubenstein had a successful career as a dealer in New York but, as his financial records now show, he got in over his head shortly after moving his eponymous gallery to Los Angeles in 2012.

The collector and entertainment executive Michael Ovitz was among those seeking money from Rubenstein after he failed to turn over the proceeds from the sale of two Richard Prince works for $975,000. Rubenstein and Ovitz settled in March 2016, but Rubenstein was arrested in relation to the Ovitz dealings one month later on charges that he had stolen the Prince paintings, as the collector reported on insurance claims seeking $4.1m.

Beginning in 2012, Rubenstein was the intermediary in the sale of a Takashi Murakami scroll painting from the collection of Michael Salke. The Broad Foundation bought the work for $825,000, but Rubenstein did not turn over all the proceeds to Salke.

NewsArt market
Share
Subscribe to The Art Newspaper’s digital newsletter for your daily digest of essential news, views and analysis from the international art world delivered directly to your inbox.
Newsletter sign-up
Information
About
Contact
Cookie policy
Data protection
Privacy policy
Frequently Asked Questions
Subscription T&Cs
Terms and conditions
Advertise
Sister Papers
Sponsorship policy
Follow us
Instagram
Bluesky
LinkedIn
Facebook
TikTok
YouTube
© The Art Newspaper

Related content

Art marketnews
31 August 2016

This summer’s hottest lawsuits

During an unusually hectic few months, law firms have been kept busy representing multiple clients

Dan Duray
The Gray Marketanalysis
10 October 2023

The Gray Market: Art fraud has hijacked the conversation again, but calls for stronger regulation miss the bigger picture

Is regulation a wonder drug for curing the art market of its chronic fraud problem? Our columnist explains why that thinking is a myth

Tim Schneider
News
1 February 2017

Asian antiquities dealer accused of selling smuggled artefacts

By Dan Duray
Auctionsnews
18 December 2015

Mystery of the Basquiat sold at Christie’s for $37m

But the work is still owned by Tony Shafrazi two months later

Dan Duray