Word: artfully
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Dates: during 1970-1979
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Mysterious art deals and a $14.5 million bankruptcy...
...year ago, Steven Straw was a boy wonder of the art dealers' world. At 26, he owned a highly successful gallery in Newburyport, Mass., full of Oriental rugs, antiques and such masters as Degas, de Kooning and O'Keeffe. He flew around the country in his private Cessna 414 putting together six-figure art deals...
...Straw suddenly filed for both personal and corporate bankruptcy. Against $1.7 million in assets, he listed a staggering $16.2 million in debts. He left at least 97 stunned creditors. Among them: the Petersen Galleries of Beverly Hills, whose claim of a $7 million loss was the single largest; art dealers in places as far-flung as San Francisco, Cincinnati and Signal Mountain, Tenn.; the Internal Revenue Service and Western Union Telegraph Co. Straw allegedly sold paintings that he did not own -and some that did not even exist. He staved off creditors with partial payments and bouncing checks. The case...
Says Ralph Colin, administrative vice president of the Art Dealers Association of America: "I'm as astonished as the rest of the world that anyone could run up $16 million in credit...
...successful and reputable New Hampshire art auctioneer, Straw bought his first painting for $75 when he was 14, and at 22 opened his first gallery, in Newburyport. He was already well connected with regional dealers and collectors, and his business prospered. A slim, impeccably dressed young man, he went to church every Sunday and always paid his bills on time. His obvious expertise inspired confidence. So did his gallery's handsomely printed brochures. Says one of Straw's creditors: "The art business is filled with horse-trading. Steve had the ability to horse-trade and maneuver...