A valuable painting from Frank Auerbach’s esteemed “Albert Street” series is set to make waves in the art world once again as it hits the auction block following its recovery by UK authorities from convicted money launderer Lenn Mayhew-Lewis.
According to reports from the Guardian, the artwork, titled “Albert Street, 2009,” was originally acquired by Mayhew-Lewis in 2017 for £1.6 million. However, the painting’s journey took a nefarious turn when an unidentified individual later used it as collateral for a staggering £5 million loan from a UK-based auction house.
Currently held by the auction house, the fate of the Auerbach masterpiece hangs in the balance pending any potential appeals against its forfeiture. Should the sale proceed, the UK’s National Crime Agency (NCA) stands to claim up to 50 per cent of the proceeds, with the remainder going to the UK’s Home Office.
The NCA has described the painting’s potential value as “millions of pounds,” adding to the auction’s intrigue. The Auerbach piece’s anticipated sale follows a record-breaking auction last year, when Sotheby’s London sold another of the artist’s works, “Morning Crescent,” for a staggering £5.56 million ($7.1 million).
However, the story of this particular Auerbach painting takes a darker turn with its connection to Mayhew-Lewis, who has been on the run since March 2023 following convictions related to money laundering for organized crime outfits and drug traffickers.
The NCA’s discovery of the illicitly obtained artwork underscores the broader issue of money laundering within the art market. In response to such concerns, the agency issued an amber warning to auction houses and art dealers, urging vigilance against potential money-laundering schemes and criminal activities linked to fine art transactions.
To combat illicit activities, the NCA advised those operating within the art market to conduct thorough due diligence checks and remain vigilant for any suspicious activities or changes in client status. This call to action aims to address a range of potential criminal activities, including money laundering and the trafficking of cultural property.
Against the backdrop of heightened scrutiny, the forthcoming auction of the Auerbach’s painting serves as a stark reminder of the intersection between the art world and criminal enterprises. As authorities continue to crack down on illicit practices, the fate of valuable artworks like “Albert Street, 2009” highlights the ongoing battle to safeguard the integrity of the art market.