Justice dept. seeks forfeiture of Rivkin's $16M seized artwork

The U.S. Department of Justice issued a press release earlier this month regarding a civil asset forfeiture complaint against Green Diesel and Fuel Streamers owner Philip J. Rivkin’s art collection seized last July, valued at more than $15 million. Civil forfeiture cases are “in rem” proceedings, or proceedings against “things,” not against Rivkin himself, who bought the high-priced artwork, mostly photographs, with money gained in the illegal sale of fraudulent renewable identification number (RIN) credits.

The release states that on Jan. 30, 2012, Rivkin had 396 packages of artwork transported to a warehouse on Frelinghuysen Ave. in Newark, N.J. The artwork was stored there until late June, when it was moved to a warehouse in New York on its way to Spain. On July 12, it was seized for forfeiture pursuant to a warrant issued by a U.S. Magistrate Judge Mark Falk in Newark.

The seized artwork has been appraised by New York Fine Art Appraisers, which concluded that it has a total fair market value of $15,773,128. Among the works sought by the complaint are:

a. Gelatin silver print titled “Distortion no. 6, Paris” by artist Andre Kertesz. The photograph was purchased by Rivkin from Philips De Prury & Company as part of a group of photographs. Rivkin paid $42,500 for the piece and wired $60,000 as payment for the group of photographs on Nov. 9, 2010.

b. Gelatin silver print titled “Dunes, Oceano” by artist Edward Weston. The photograph was purchased by Rivkin from Sotheby’s as part of a group of photographs. Rivkin paid $134,500 for the piece and wired $424,750 as payment for the group of photographs on Nov. 11, 2010. 

c. Gelatin silver print titled “Death Valley” by artist Edward Weston. The photograph was purchased by Rivkin from Sotheby’s as part of a group of photographs. Rivkin paid $16,250 for the piece and wired $424,750 as payment for the group of photographs on Nov. 16, 2010.

d. Albumen print titled “Notre Dame” by artist Eugene Atget. The photograph was purchased by Rivkin from Camera Lucida, LLC as part of a group of photographs. Rivkin paid $130,000 for the piece and wired $1,267,000 as payment for the group of photographs on Feb. 8, 2011.

e. A 1907 platinum print titled “Nude Study, Miss Mabel Cramer” by artist Clarence Hudson White. The photograph was purchased by Rivkin from Camera Lucida, LLC as part of a group of photographs. Rivkin paid $35,000 for the piece and wired $1,267,000 as payment for the group of photographs on Feb. 8, 2011.

f. A 1930 silver print titled “Equivalent” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Lee Gallery for $33,000. Rivkin wired $33,000 as payment for the photograph on February 28, 2011.

g. Gelatin silver print titled “Poplars, Lake George” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Joel Soroko Gallery for $51,000. Rivkin wired $51,000 as payment for the photograph on March 7, 2011.

h. Vintage warm-toned matte-surface gelatin silver print titled “Vortograph 1917” by artist Alvin Langdon Coburn. The photograph was purchased by Rivkin from Camera Lucida, LLC as part of a group of photographs. Rivkin paid $175,000 for the piece and wired $1,400,000 as payment for the group of photographs on March 10, 2011.

i. Vintage gelatin silver contact print titled “From the Shelton, West” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Camera Lucida for $150,000. Rivkin wired $150,000 as payment for the photograph on March 31, 2011.

j. Vintage matte gelatin silver print titled “Knees (fragment)” by artist Edward Weston. The photograph was purchased by Rivkin from Camera Lucida, LLC as part of a group of photographs. Rivkin paid $165,000 for the piece and wired $1,400,000 as payment for the group of photographs on March 31, 2011.

k. An 1894 platinum print titled “The Letterbox” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Lee Gallery for $35,700. Rivkin wired the $35,700 payment for the photograph on April 5, 2011.

l. Vintage gelatin silver print titled “Greta Garbo for Vanity Fair Hollywood” by artist Edward Steichen. The photograph was purchased by Rivkin from Paul Hertzman, Inc. Vintage Photographs for $75,000. Rivkin wired $75,000 as payment for the photograph on April 11, 2011.

m. Waxed palladium print titled “Georgia O’Keeffe” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Camera Lucida, LLC for $675,000. Rivkin wired $675,000 as payment for the photograph on April 12, 2011.

n. Gelatin silver print titled “Equivalent, 1925” by artist Alfred Stieglitz. The photograph was purchased by Rivkin from Bruce Silverstein Gallery, LLC as part of a group of photographs. Rivkin paid $55,000 for the piece and wired $150,000 as payment for the group of photographs on April 12, 2011.

Even if this guy didn’t commit egregious fraud that has adversely impacted the entire biodiesel market, I don’t think I would care much for him solely based on his taste in artwork. Doesn’t this sort of extravagance by a fraudulent “biodiesel producer” make you sick? Apparently, Rivkin himself is still on the run, but the law has long arms and we must believe that one day he will be brought to justice.

When property is forfeited to the U.S., the law allows the justice department to utilize the property to reimburse victims of the underlying unlawful activity for their losses. According to the justice department, purchasers of invalid RINs from Green Diesel have reported losses in excess of $78 million.