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Gagosian Gold Ensnared in “Mini-Madoff” Investigation

Published: March 3, 2009
LOS ANGELES—A new Chris Burden show set to open this Saturday at Gagosian Gallery in Los Angeles has been caught up in the SEC’s case against "mini-Madoff" Ponzi-schemer Allen Stanford, reports the blog artlovesmoney.com.  

For the show, which deals with weights and measurements and the hierarchy of materials, Gagosian had purchased 100 gold bars worth a total of $3 million from Stanford Coins & Bullion, which is owned by one of Stanford’s companies, but the sale got caught up in a temporary court order freezing Stanford’s assets.

Gagosian argued in court that the gold was a straightforward “purchase of a tangible commodity” and had nothing to do with Stanford’s fraudulent investment schemes. But the judge has frozen all of Stanford’s personal and corporate assets until March 12 and prevented interested parties from speaking, reports the L.A. Times blog Culture Monster.  

Before the judge’s decision, a Gagosian spokesperson said, “We have every intention of moving forward with the exhibition. It just may be delayed ... a week or two.” It is expected that the gallery will issue a formal statement later today.

The exhibition is titled “One Ton One Kilo.” Little is revealed about it in the show’s press release, but Culture Monster speculated that the ton is a pickup truck and the kilo the frozen gold.

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