Dallas-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)
also by Christina Rees
- Richard Serra Prints at the Nasher Sculpture Center - March 22nd, 2017
- The Legend of Montie Ritchie versus the International Art Thieves - March 4th, 2017
- Ross Bleckner at the Dallas Contemporary - February 19th, 2017
- Bruce Conner’s 'CROSSROADS' in 2017 - January 29th, 2017
- Goodbye to 2016, or, Tripping Over Nostalgia - December 18th, 2016