The New York State Supreme Court denied bail on 20 October to the British art broker Timothy Sammons, who faces multiple charges of grand larceny and fraud after allegedly stealing tens of millions of dollars from collectors. Sammons, whom authorities had extradited from London, has pleaded not guilty to the charges and remains in custody at Riker’s Island jail until his next court hearing on 6 November.
His arraignment marks the beginning of one of the most high-profile art larceny cases in recent years. Prosecutors allege that between 2010 and 2015 Sammons, a former Sotheby’s specialist, deliberately misinformed clients with regards to the timing of certain sales, using works entrusted to him as personal collateral to secure millions of dollars in loans, or redirecting the proceeds to pay off other victims of his Ponzi-like scheme. On other occasions, prosecutors say that Sammons failed to notify collectors that a work had been purchased at all, and when they demanded its return, he either insisted on their patience or ignored them altogether. The multi-million-dollar works of art involved in the case include Pablo Picasso’s Buste de Femme, Marc Chagall's Reverie, and Paul Signac's Calanque de Canoubiers. His victims are based in the UK, US, and New Zealand.
“As alleged in the indictment, the defendant used his industry experience to gain the trust of prospective art sellers, then betrayed that trust by pocketing the proceeds of those sales to fund his own lavish lifestyle,” reads a statement from Cyrus Vance Jr, the district attorney. “Not only did victims lose millions of dollars, but many lost valuable pieces of artwork that had been in their families for generations.
Sammons’ lawyer Glenn Hardy had argued that the broker had remained cooperative throughout the extradition process and posed no flight risk. The judge, however, denied bail. Hardy says that “this is a complex, detailed case and once those details come to light, Mr Sammons will be vindicated.”
