The case against Lawrence B. Salander is underway. Prosecutors portrayed him as a master manipulator who operated out of a lavish gallery but cheated art collectors and artists of more than $88 million. Salander was arrested on Thursday with a 100-count indictment accusing him of grand larceny, falsifying business records, scheming to defraud investors, forging documents and perjury.
Sometimes he even sold the same painting to more than one buyer. Manhattan District Attorney Robert M. Morgenthau said at a news conference: “Why sell it once when you can sell it three times?” One official said that the authorities believed Salander’s take actually exceeded $100 million.
Salander allegedly used the money to finance an extravagant lifestyle as he tried to corner the market in Renaissance art at the Salander-O’Reilly Galleries on East 71st Street. The arrest came 17 months after the gallery was shut down and 16 months after Salander filed for bankruptcy.