Stacey Pierrot and Mossack Fonseca

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“Increasingly, these days, people look at paintings and all they can see are dollar signs. Art has become an asset class, even if it’s not a very good investment.”

“Over the specific argument of Ms. Beare, Judge Silver refused to appoint Mr.
Chazen. Neither Ms. Beare nor Mr. Chazen disclosed to the court the very
critical fact that Mr. Chazen has the largest single creditor’s claim against
the estate and is a former business partner and business associate of Garth
Benton who the court had removed as Special Administer just moments before.”

Stacey Pierrot Simmons titles herself “custodian” and “caretaker” of the artistic legacy my late sister, Christine Rosamond Benton, left her two daughters. We will be looking at Pieorrot’s concealment of four images produced in a partnership agreement made between Christine, Vicki, and Vic Presco. At the same time Pierrot’s ghost writer, Tom Snyder, tried to trick me into signing a non-disclosure agreement that would have kept me from finishing the biography about Christine and I began in 1992. The Custodian did not know Elizabeth Rosemond Taylor is my distant cousin.

Besides being a Warhol muse, Elizabeth Taylor was the daughter of art dealer Francis Taylor, whose Beverly Hills Hotel gallery catered to old-time Hollywood collectors like Greta Garbo, Vincent Price, and James Mason.”

Shortly after, my sixteen year old daughter came into my life, and there was a tug-of-war over her. The Caretaker Crew wanted my daughter in their camp for the reason it would weaken my biography, and thwart any more investigations into what ammounts to Art Fraud. With the revelations of the Mossack Fonseca art scandal, my contention that the Rosamond Money Makers took over my families Artistic Dynasty, and planned to run it for the purpous of making money. With one pesky artist out of the way, they went after Shannon and I, the surviving artists.

Chazen was my father’s private lender who told him about the artist, Garth Benton, whose father served time for making false deeds of trust. Christine had formed seven partnerships. I did not have time to look at them, which I regret. Vic told me the Benton’s were in trouble with IRS. I do not own a picture of how my sister drowned, how she ended up in the ocean, the place she feared would take her life one day.  I suspect the movie poster was inspired by a Rosamond print that were everywhere!

World Banks have been fined six billion dollars. Lawrence Chazen set up Noble Oil in Rougemont Switzerland. I asked the executor o Rosamond’s artistic and literary legacy to give me an advance on my claim so I could hire a detective to locate my children a Seer said I had. This was evidence I was insane. Stealing billions from people is seen as sane. I am the only family member that got behind my niece, the adult heir, that was also made out to be insane. “I am a member in good standing of the State Bar of California and an attorney
on record for 50% interest in Shannon Rosamond. In my 16 years as a member of
the State Bar California, I have never experienced a more deliberate fraud on
any court or more reckless and calculated attempt to fraudulently take control
of a probate estate at the exclusion of the lawful heirs and total manipulation
of a tester’s intent that the present efforts of Attorney’s Robin Beare,
Lawrence J. Chazen and Garth Benton, the descendants former spouse.”

 

Chazen is a CEO of Nobel Oil and put together Noble Cayman with Noble Switzerland. He is a Tax Attorney first class. When the judge did not allow Garth to be Executor, Chazen gave it a go, and he was shot down. Why was Chazen so urgent to get control of Rosamond’s legacy? The day of the funeral, Rosemary and Shannon had a big fight over missing papers. Chazen is a partner of the Getty and Nancy Pelosi family, and was a partner of Gavin Newson, when he was Mayor of San Francisco, a city that gave birth to the Keane family dynasty. These folks are partners of Marc Leland, another CEO of Noble Oil. All these people love a good tax break when they see one! Christine and Garth were looking at jail time.

In the photo of Chazen, you see the lithograph ‘Lena and Her Sisters’ that were part of the family partnership series, that Pierrot said she had nothing to do with. I told my sixteen year old daughter and her mother to not have anything to do with these people. Heather got on the phone and told her aunt Linda, and her drunken attorney husband, that her family is connected with the Gettys and, other oil executives. I am sure they encourage Heather to ditch the old man, and get with Vicki and Stacey.

During the late 1970’s, wealthy taxpayers and their accountants started expanding the boundaries of tax-shelter law. Millions in deductions were claimed for the purchase of such exotica as the master plates for lithographs, or the right to reproduce an image on wallpaper and tablecloths.

The boundaries were widened so far, in fact, that the Internal Revenue Service decided things were getting out of hand and cracked down on what it considered tax-shelter abuses, denying thousands of such claims.

Some taxpayers are starting to fight back. The nation’s first case involving the use of master lithographs as a tax shelter went to trial recently in Federal Tax Court in Manhattan.

Jon Presco

Copyright 2016

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The biggest story in the art market over the past couple of decades has been the rise and rise of Andy Warhol, and to a slightly lesser extent other artists of prodigious output like Gerhard Richter. This is a story that inverts the standard laws of supply and demand: Why would the highest prices be paid for paintings by them the likes of Picasso, who seemingly never stopped painting, rather than for much rarer works?

The answer is that if you care more about a painting’s financial value than you do about its artistic value, then what you want is fungibility and liquidity: You want there to be an active market in that artist’s work, and you want to know with a reasonable degree of specificity how much that work is worth. Increasingly, these days, people look at paintings and all they can see are dollar signs. Art has become an asset class, even if it’s not a very good investment.

What kind of person invests in an asset that sits expensively in a warehouse, is never exhibited, and never generates any cash, but can be liquidated for a huge amount of money in case of emergency? To ask the question is to answer it. The secrecy of the art world, enabled by agents such as Mossack Fonseca, is a cancer that withholds masterpieces from public view and that turns the art market into a billion-dollar game of ultra-high-stakes hide-and-seek. Yes, the amount of money in the art world has never been greater. But the Panama Papers are a welcome reminder of the real-world cost of all that money.

Besides being a Warhol muse, Elizabeth Taylor was the daughter of art dealer Francis Taylor, whose Beverly Hills Hotel gallery catered to old-time Hollywood collectors like Greta Garbo, Vincent Price, and James Mason. Liz herself became a substantial collector, owning works by Cézanne, van Gogh, Picasso, and Matisse. Francis launched his daughter’s collecting with a Frans Hals as a wedding gift for her first marriage (to Nicky Hilton). During Liz’s short marriage to Mike Todd (1957-8), the couple bought paintings by Degas, Vuillard, and Utrillo from Aly Khan for $71,428. “They’ll think I’m crazy when they hear about this in Hollywood,” Todd said. “Paying that much for pictures that don’t even move.”

http://shopatmain.com/newsdesk/2016/04/07/janissa-valdez-girl-12-body-slammed-texas-school-officer-san-antonio/

http://fortune.com/2016/04/09/bad-security-panama-papers/

Fears of the superricMossack Fonseca’s leaked emails reveal the extraordinary measures that some of its well-heeled clients took to keep their financial affairs secret. Especially the Europeans and Americans, who have latterly found themselves under scrutiny from their own governments.

One theme that emerges is anxiety. Wealthy individuals with “undeclared” offshore bank accounts are afraid they might get rumbled.

Another theme is victimhood. The superrich, it appears, feel they are being unfairly picked on – persecuted even.

In one 2014 email, Hangartner recounts a conversation with a contact who worked for Global Trust Advisors, a financial services firm based in Luxembourg.

The contact told him that her Italian clients were going to desperate lengths to avoid being caught: “She cited the reduction in [offshore] business was due to pressure from the Italian government chasing clients. She had heard that the fiscal authorities would look at what car you drive, if you go to Switzerland, etc so clients are scared.” Typically, she added, clients would cover their trail by using a Panama company to buy a Luxembourg company, which would in turn buy an asset in Italy.

Such was the level of mistrust, the rich would “often use nicknames” when calling her office.

To be helpful, Mossack Fonseca offered a “virtual” office service for its spooked customers. For $1,500 a year, the company would set up a fake email account, using the domain @tradedirect.biz. Wealthy clients could correspond using anonymous invented names.

The world of Mossack Fonseca

Mossack Fonseca is a law firm based in Panama. Founded in 1977, it is the world’s fourth biggest provider of offshore services. Until the publication this week of the Panama Papers, it was mostly obscure. In fact, it sits at the heart of the global offshore industry, and acts for about 300,000 companies. More than half are registered in British tax havens – as well as in the UK.

Mossfon, as the company styles itself, employs 600 staff in 42 countries. Its offices are located in the world’s leading secrecy jurisdictions – Jersey, Cyprus, Luxembourg, the Swiss canton of Zug, all nodes on the superhighway of global capital.

Whether we like it or not, art is used for tax avoidance and evasion,” said NYU economics professor Nouriel Roubini last year. “Plenty of people are using it for money laundering.”

It hardly comes as much of a surprise that amid the high-profile scandals and tales of political corruption in the Panama Papers, art is something of a constant: Mossack Fonseca was constantly helping to shuffle billions of dollars’ worth of art in and out of shell companies based in tax havens around the world.

Consider the man who sold Rybolovlev most of those paintings. Yves Bouvier is connected to five different Mossack Fonseca companies (Rybolovlev is comparatively modest, with a mere two), and would mark up the paintings he was selling by astonishing amounts. As Sam Knight has reported for The New Yorker, Bouvier started off by buying a Gauguin for $9.5 million and then selling it for $11.3 million, but soon got more ambitious. He bought a Picasso for $4.8 million and then flipped it to Rybolovlev for $34.4 million. He sold the oligarch a Klimt masterpiece for $183 million, including a $60 million profit for himself. There was also a Rothko that he bought for $80 million and sold for $189 million.

By those standards, the deal that caused the end of his relationship with Rybolovlev had a relatively low markup: Bouvier bought a Modigliani from Steve Cohen for $93.5 million, and then sold it to the Russian for $118 million. Add it all up, and Rybolovlev’s lawyers estimate that Bouvier overcharged his client by the hilariously specific, yet eye-poppingly enormous, sum of $1,049,465,009. Call it a nice round billion. (Rybolovlev declined the ICIJ’s request for a comment. A representative for Bouvier told ICIJ’s Bernstein that “his client used offshore companies for well-established legal purposes.” Mossack Fonseca has not yet commented on its involvement in art holdings, but has responded at length to the Panama Papers.)

http://fusion.net/story/288515/panama-papers-leak-art-market/

http://www.theguardian.com/news/2016/apr/08/mossack-fonseca-law-firm-hide-money-panama-papers

http://www.aljazeera.com/news/2016/04/panama-papers-el-salvador-raids-mossack-fonseca-office-160409073005527.html Mossack Fonseca helped a New York art gallery defend itself over a claim about a Nazi-looted artwork after the apparent original owner’s descendant launched a legal battle for its return, the Panama Papers reveal.

The case involves a $25m (£18m) Modigliani painting taken from Paris when the Germans marched into the city in 1940 and the role played by Mossack Fonseca, as the family who say it is theirs fought for its return.

The artwork in question is the 1918 Seated Man With a Cane, and the story of its theft and reemergence blends the injustice of treasures taken during the second world war with the smoke and mirrors of 21st-century

The descendant claims the painting was owned by Oscar Stettiner, a Jewish gallery owner in Paris who fled weeks before the Nazis entered the city. He managed to get his wife and children to the Dordogne but had to leave his collection behind.

The artwork was seized by the Nazis, and by the time the Stettiners are thought to have started searching for it after the war the painting had vanished.

In 2008, the Modigliani allegedly resurfaced at Sotheby’s in New York. It was consigned to the auctioneers by the Helly Nahmad Gallery – run by the heir of one of the best-known art dealers in the world.

David Nahmad and his brother Ezra had built up an art-dealing dynasty that has made hundreds of millions buying and selling works by some of the world’s greatest artists.

David’s playboy son, Helly Nahmad, spent much of his time on high-stakes poker games before he was jailed in 2014 for running an illegal gambling business from his Trump Tower apartment.

The super-rich live in a parallel world. Here’s how we bring them back to reality

“I’d like to hear more of your personal life story. “When I got sober”, “When I was homeless”, “When I was fighting cancer”……. these are words you drop and then let flit by without much detail or explanation or storhttps://rosamondpress.com/2014/01/14/the-merciful-bare-chested-angel/ytelling. I want those details and stories. Please.

Tell me what you thought of my poem. Did it make you feel anything? Did it make you think? If so, what?

About Royal Rosamond Press

I am an artist, a writer, and a theologian.
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1 Response to Stacey Pierrot and Mossack Fonseca

  1. Reblogged this on rosamondpress and commented:

    Today, I did not get a call from my daughter, Heather Hanson, because she was corrupted by outsiders, and was disappeared from my life when she was seventeen. https://rosamondpress.com/2015/07/25/why-didnt-vicki-and-mark-contribute/

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