May It Please the Court® A Weblog of Legal News & Observations
Quote of the Day - A painting is never finished - it simply stops in interesting places. - Paul Gardner

How to turn $5,000 into $3,000,000

Scam or real-life situation? When you're a high-end museum that may have been defrauded, it's real life. The Springfield Museum filed suit last Friday against a New York art gallery over a painting purchased in 1955 that it gave back to the Italian government.

Now back in the Ufizzi in Florence and worth approximately $3,000,000, the 1597 painting was alleged to have been stolen in WWII from the Italian embassy in Switzerland. The New York gallery sold it to the Springfield Museum and told them only that it was owned by a "Swiss lady."

Talk about due diligence. If you want to make money, don't do your homework, buy an old painting on the cheap and just wait about 50 years or so.

Posted by J. Craig Williams on Sunday, August 24, 2003


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