Janice R. Andrews
A valuable Frank Auerbach painting that was taken from a convicted money launderer connected to organized crime syndicates is going to be sold, according to the National Crime Agency (NCA), in a stunning turn of events. Part of Auerbach’s renowned series that captures the spirit of Camden Town in London, the artwork named “Albert Street” is thought to be worth millions of pounds. It was created in 2009.
After being found guilty of money laundering in March 2023, Lenn Mayhew-Lewis, 69, escaped and the painting was taken into the custody of the authorities. Mayhew-Lewis, who was allegedly selling the Auerbach piece to criminals in a private transaction, was said to be providing services to them to hide the source of money that they used illegally. Surprisingly, a UK auction house then used it as collateral for an incredible £5 million loan.
The artwork was first purchased by Mayhew-Lewis in 2017 for £1.6 million, but its possible auction value of over £5 million underscores its importance in the art world. The NCA has verified that the painting will be auctioned, with a share of the revenues going to the Home Office and the NCA receiving a return under the asset recovery incentive program, in the event that no appeals are filed against the forfeiture.
As one of the greatest painters in Britain, Auerbach has left a lasting impression with his unique style, which is defined by vibrant colors and generous application of paint. Auerbach was born in Berlin to Jewish parents, and his experience fleeing to Britain as a young child during World War II had a significant impact on his artistic vision. The 93-year-old artist, whose famous charcoal portraits are on display at his most recent solo exhibition at the Courtauld in London, never fails to enthrall viewers.
The NCA’s continued efforts to stop money laundering in the art sector are further evidenced by the finding of the seized picture. Ian Hough, a financial investigator, stressed that law enforcement is determined to deprive criminals of riches they have obtained illegally, and they will not avoid detection.
This information should serve as a clear warning to all those involved in the art business to be on the lookout for and prevent illicit financial activity. They should also take fast action to report any suspicious transactions and perform due diligence procedures. The upcoming sale of the Auerbach masterpiece is a crucial step towards justice in the fight against money laundering, as the NCA maintains its crackdown on illicit activity.
