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Art and business   130,000 items and several cultural treasures

Greatest stock of precious manuscripts to go on sale

Gérard LhéritierThe world's greatest private stock of manuscripts, which includes around 130,000 items and several cultural treasures, is coming to market.

Acquired over a dozen years by the scandal-hit Aristophil company, the precious pieces are due to be auctioned at Drouot as early as next September, The Art Newspaper reports.

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Gérard Lhéritier, the founder of Aristophil, was charged with organised fraud in 2015. He is accused of setting up a Ponzi scheme by greatly inflating prices for the works he collected and adding big returns for investors.

Attracted by the hope of 8% annual interest,18,000 clients bought shares in the 54 collections he assembled with contracts totalling around €850m.

The investigation is ongoing, but Lhéritier has denied all the charges against him, claiming that he was merely speculating on an undervalued niche market.

More than €100m of his assets were seized, forcing his company into bankruptcy.

The collections contain treasures, including André Breton’s Manifeste du surréalisme; the scroll on which the Marquis de Sade wrote his infamous Les 120 jours de Sodome in tiny characters whilst held in jail at the Bastille; an aria written by Mozart for the Nozze di Figaro; and fragments of scrolls from the Dead Sea and original works by Charlotte Brontë, Balzac and Flaubert.

These, along with tens of thousands of letters and other collectibles, were placed under seal by the French judiciary and are now due to be returned to investors.

Read the original story here.

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