Mark Rothko 2009 in Review: Gallery Exhibitions Arshile Gorky Warhols Send Sotheby’s Soaring Shattering Stereotypes From Raging Bulls to Miserable Drips New York Sales Preview Rothko Returns to Russia

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Bloomberg reports that Heller’s losses to Madoff include a $3.4 million charitable trust and more than $10 million that he planned to give to his children and grandchildren. Heller’s stepdaughter, the actress Kyra Sedgwick, and her husband, actor Kevin Bacon, have also been reported to be Madoff victims.

“I lost a ton,” said Heller. “We are all devastated. It’s painful financially and painful personally.”

Heller’s client Merkin lost even more to Madoff — his investment funds reportedly lost more than $3 billion to the scheme — and he has been subject to lawsuits from clients, including New York University, who claim that their money was invested with Madoff against their knowledge. Merkin has denied any wrongdoing. 

As a result of his troubles, Merkin has been approached by collectors hoping to snatch up works in his impressive Rothko collection, the largest private holdings of the artist’s work in the world.

Merkin’s collection includes studies Rothko did for murals the Four Seasons restaurant in the Seagram Building in New York and the Rothko Chapel in Houston, and are valued at about $150 million to $200 million. The collection was assembled between 2003 and 2008 with the help of Heller.

While none of Merkin’s Rothkos are currently for sale, Heller concedes, “Everything has a price.”