Word: straws
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Dates: during 1970-1979
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...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...
Today the sensitive soul's empire is in ruins. After a New York dealer launched a suit against him, 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...
...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...
...Straw's troubles emerged last June, when A. Richard Benedek, a private New York dealer, filed a complaint against Straw in the Superior Court of Essex County, Mass. The two had been doing business together since 1975, and everything had apparently gone smoothly. According to the affidavit filed by Benedek, he had invested heavily in three separate partnership deals arranged by Straw. One was to purchase a collection of antique furniture. The second was to buy eleven paintings that included a Mary Cassatt and a Winslow Homer. The third involved a spectacular $15 million group of 31 old masters...
...Straw, Benedek claims, subsequently told him that 17 of the 22 pieces of furniture had been sold, but Benedek was never paid his half share of the proceeds. And although Straw had told Benedek that he had a buyer lined up to pay $19 million for the $15 million group of old masters, no payment appeared from that deal either. Benedek became suspicious and, he claims, asked Straw for proof of purchase and sale. Straw did not furnish it. He wrote Benedek two checks totaling $655,000; both bounced. Then he wrote three promissory notes to cover his debts...