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Helge Achenbach and his million dollar clients – in principle they all wanted to make art. But even in opaque plastic business between the rich and richer still remains fraud a crime now, the Regional Court convicted the food and Düsseldorf art consultant Achenbach for fraud, among others, the Aldi heirs Berthold Albrecht to six years in prison. “Even the super rich are not fair game,” Chief Justice John Hidding said at the verdict last Monday.
Achenbach sitting for nine months in custody
The court awarded Germany’s once famous art adviser guilty because of fraud in 18 cases.
The 62-year-old Achenbach had confessed to the 2012 deceased Food discount entrepreneur Berthold Albrecht and the pharmaceutical entrepreneur Christian Boehringer cheated. Among other things, the art consultant had made in breach of contract hidden surcharges, said Judge hidding. With tears and her voice cracking up Achenbach had repeatedly apologized during the negotiations for its “impossible” actions – with its customers and with his family. At the sentencing hearing, he appeared in stylish dark suit, helped black Nike shoes, looked focused and composed.
The prosecution had demanded seven years in prison for since June 2014 sitting on remand Achenbach. According to his defense, the penalty should be substantially lower. The court noted that the financial loss at Aldi’s heirs Albrecht is 20.9 million euros. Achenbach had betrayed Albrecht. In a civil case, the Düsseldorf district court had to decide in January that the Achenbach Albrecht heirs must pay 19.4 million euros in damages. The art consultant has appealed against it.
The Court considers flight risk
Because of Achenbach’s health had attacked his lawyers applied for bail on Monday. They wanted to obtain that Achenbach can go home until the judgment becomes final. But the judges feared danger of flight; the warrant remains.
Helge Achenbach was one of the major power broker and networker the German art scene, he was equally familiar with business leaders and artists, loved the glamor invited to parties at the art fairs of Basel, Manhattan to Miami , He had probably, because who has the money to invest in art that can not be persuaded to buy a Picasso painting on the wing. This requires trust and the right atmosphere; even someone like Achenbach had to invest so before he could reap. He has well camouflaged Harvesting: In the case of Albrecht he wanted to pass on the art of the purchase price, and only charge a minimal fee of three to five percent for itself, so it described Babette Albrecht, the dupes of the widow in court. With three percent margin but no one could in the art industry to cover their costs, according to art dealers circles. With the prospect of a worthwhile investment, customers such as Albrecht and some others were still lure. Are possible such promises, because the art business and it lives, that it is heavily regulated and most market participants remain opaque. Who buys what from whom for how much? Discretion is required.
40 years ago Achenbach began with a gallery
The fact that he has to go to prison, that had the now condemned Düsseldorf, the approximately 40 years ago with its own gallery in the art business boarding, expected. The fact that there are six years Achenbach likely be hit hard. The crash of the elitist art world in the dock, and then to jail is staggering -. And bitter
On June 10, 2014 was over Achenbach glamorous life. He came back from Brazil, where he had equipped the World Cup base of the German national team with art. Even at Dusseldorf Airport, he was arrested, Babette Albrecht had shown him. Achenbach had bought for Albrecht pictures of Picasso, Ernst Ludwig Kirchner, Gerhard Richter and Francis Picabia, 28 works of art as a whole. In about half of the businesses he allegedly manipulated the prices on the shopping bills. Where the home Albrecht no financial damage was superficial, because the value of brokered by Achenbach art and vintage is well over Albrechts payments. Nevertheless Illegal remains illegal
Bankruptcy for Achenbach Company
Have brought his deficit-day business beyond the art Achenbach to want to get more in the sale of the paintings.? Among other things, had to file for bankruptcy in 2014 his restaurant chain “Monkey’s”. His extensive art collection with about 2000 objects will in any case be auctioned in early summer. Part of the work is to come at Sotheby’s in London under the hammer, another part of the Cologne auction house Van Ham. Around 100 creditors make demands totaling 40 to 50 million euros in Achenbach. “I may be broke, but not ruined,” Achenbach reported to have said anyway.
How hard is now the verdict? The German painter and art forger Wolfgang Beltracci, which has about 300 pictures fake and earns millions, was sentenced in October 2011 in one of the world’s biggest trials of this kind – also to six years in prison. Beltracchi wrote an autobiography in custody, a film was made about him, he is serving his sentence in an open prison. So he comes only to stay in the correctional facility in Euskirchen and enjoy a dazzling reputation: The forger, who swindled the rich and the art experts, some regarded as Robin Hood of art. With so much understanding of its financial frauds Helge Achenbach will not be able to count. (With AP)
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