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Texas Former Billionaire Forced to Sell His Art Collection

Wyly-Image-e1399578591298Dallas-based Sam Wyly (along with his brother Charles) was a “maverick entrepreneur” worth more than a billion dollars until the Securities and Exchange Commission popped him for hiding stock trades in offshore accounts (“Party’s over, boy”) last year. He filed for Chapter 11 last October and part of his agreement involves selling off his art collection, and the first of several auctions of the artworks happened last week at Dallas Auction Gallery.

The auction, which included works by Norman Rockwell, Andy Warhol and Rembrandt Peale, brought in more than $2.5 million. That makes a teeny dent in the $400 million he owes in penalties to the IRS. Gotta start somewhere.

Here’s some quote gold. When asked by the Dallas Business Journal which of the 40 pieces in this first block of works to go to auction were his favorites, he answered: “The painting of the goats, or the guy with the hay.”

(image credit: Forbes)

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