News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Area Agency on Aging 10B, Inc.

Don Drumm Studios

Hospice of the Western Reserve


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Arts and Entertainment


Pop art meets commerce
Pieces auctioned to re-pay investors
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
Durham, looking very Presidential in a painting from Peter Max.
Courtesy of K. Bhatia
Download (WKSU Only)
In The Region:

Embattled Indianapolis businessman Tim Durham's home must seem a little less cheery without his friends: Picasso and Peter Max. WKSU's Kabir Bhatia has more...
 

Open your ears

Other options:
Windows Media / MP3 Download (2:32)


(Click image for larger view.)

U.S attorneys argue that Timothy Durham used Akron-based Fair Finance to channel tens of millions of dollars into his personal interests virtually from the day he bought the small consumer finance company in 2002.
And those interests included art … big art by big names.

Last month, Durham surrendered his extensive art collection for auction in an effort to recouping some of the $200 million lost by investors in his company.
By the time auctioneers had finished selling nearly 120 eye-searing paintings of everyone from the Rolling Stones to Mickey Mouse to Durham himself, the bankrupt company was 400 thousand dollars richer.

The sale, at Trinity Cathedral in Cleveland, included works from German pop artist Peter Max, -- mostly large psychedelic portraits -- with a few Picasso's and some sculptures of cars thrown in. The latter speaks to Durham’s passion for automobiles, and the FBI has already auctioned off his car collection for more than a quarter of a million dollars. The art collection was given over voluntarily, and despite featuring established names, the pre-show estimate of as much as 100 thousand dollars went out the window once bidding started.

Collector John Zoilo of Akron thinks he knows why.

Pete Comodeca of Cleveland is more sentimental.

Some pieces, such as a James Bond poster autographed by all 6 007's, sold for just one thousand dollars. Peter Max prints of Disney characters like Goofy barely cleared their estimates, selling for just a few hundred.

But an art dealer from Florida, who bid anonymously by phone, sent prices for several Bono and other Peter Max paintings through the roof. Not one sold for less than 6 thousand dollars, lending credence to collector Katie McLaughlin's opinion that bidders weren't there just to see a once-prominent businessman get his comeuppance.

Fair Finance opened in Akron in 1934. Offices in both Akron and Indianapolis closed nearly a year ago, when they were raided by the FBI.

 

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Ohio survey shows low-income people are choosing phones over food
Where is this study published? no sign of it on google scholar. is there a cite

The Akron Sound rocks the porches
fabulous group interview! you covered so much in so little time. wish i could be there for porch rockr.

Head of Ohio Dems says Kasich administration is lying about Suarez contacts
when Kasich's mouth is open , he's lying. Look what he did at Lehmans brothers and then lied about it all during the campaign. If a GOP didn't lie, he or she ...

Canton's Basilica of St. John absorbs news of the pope at morning Mass
Hello Chris,Marina,and Patrice, I just read this article and you all look great. I'm on facebook Jean Dutcher in blue and white stripped blouse. I"M so glad to ...

Exploradio: Avoiding the 'acting-white' trap
Growing-up black and being black should not determine that you will not speak well or will not be a high achiever in your goals in life.But society te nds to la...

Charter-school supporters to rally at Statehouse
I am on the bus now headed to the rally. Horizon is an excellent school. My son is is 7 th grade. The teachers and administrators are top notch and spend so m...

Former Nursing Home Land Added to Parks
In addition, LED technology also plays a very important role in advertising- LED placard is very, very useful for shop owners.

Ohio Supreme Court hears arguments on school funding
That's not true. Other school districts HAVE followed this law and done this. Oakhills is one of them and how they were able to provide technology for their s...

Death and beauty at Cleveland's Museum of Contemporary Art
What a disgusting story to air at lunch time.

Ohio Supreme Court grills attorneys on flooding and million-dollar fixes
Perhaps the State of Ohio should take the lead and implement state wide water shed districts that would collect minimum fees. The funds could then be distribute...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University