Another Art Scheme

The New York Post is reporting on another art scheme.  The article is rather short, so I took the liberty of cutting and posting the complete NY Post article.

With so much art fraud being reported I find it very interesting and also very disturbing that so many individuals are taken advantage of without doing any due diligence.  Perhaps some of these art investors should be calling for an independent appraiser to review the deal.

A Queens man is suing for the return of $800,000 he loaned another man hoping to buy an Andy Warhol original.

Yong Choi, of College Point, was approached in June 2008 by an intermediary who said Won Young Youn was looking to buy a Warhol silkscreen of Mao Tse Tung for the below-market price of $2 million, according to court papers and Choi's lawyer, Stephen Song.

Choi ponied up the money, according to papers filed in Queens Supreme Court.
After failing to pay, Youn signed a promissory note for the entire amount, plus 9 percent interest due in full last Feb. 8.

But no cash was forthcoming.

Meanwhile, a multimillion-dollar collection of Warhol's paintings was stolen from the Los Angeles home of businessman Richard Weisman.