More scandals of the rich and famous: John McEnroe uncovers million dollar art scam


This past week, art dealer Lawrence Salander pleaded not guilty in New York Supreme court to over 100 charges, including grand larceny and securities fraud. Salander, whose gallery was at the heart of an $88 million scam, was uncovered with the help of John McEnroe. The famed tennis player, who had invested money with Salander, apparently filed suit against him in 2007 when he discovered that a painting that Salander had sold him had outstanding liens against it.

The art world and the world of high finance have a long and close relationship. In the past few years, it has become even more explicit, with massively overcompensated Wall Street honchos using art as a solid investment for their spare millions. As long as money fought to own highly regarded works, art prices have continually risen, further driving investment. While neither as widespread nor as well publicized as the housing bubble, the "art bubble" has been a major beneficiary of the overheated economy.