Asher Edelman

{{short description|American financier|bot=PearBOT 5}} {{Infobox person | name = Asher B. Edelman | image = Asher Edelmann (1993) by Erling Mandelmann (cropped).jpg | alt = | caption = Asher Edelman, 1993, by [[Erling Mandelmann]] | birth_name = | birth_date = {{Birth date and age|1939|11|26|mf=y}} | birth_place = New York City, US | death_date =  | death_place = | spouse = {{plainlist| * Antonia Patricia Simpson * Penelope Cox * Maria Regina Leal Costa Mayall * Michelle Vrebalovic }} | children = 4 | education = [[Bard College]] | other_names = | occupation = Investor, art collector | known_for = }}

'''Asher Barry Edelman''' (born November 26, 1939) is an American [[financier]].

== Biography == Edelman is the son of New York real estate investor, Richard M. Edelman. He graduated from [[Bard College]] and in 1961, he went to work for Halle and Stieglitz where he focused on option arbitrage and became the youngest (24 years old) New York Stock Exchange approved office manager.<ref name=Tagliabue>{{cite news|last1=Tagliabue|first1=John|title=Private Sector; An Outsider Takes On the Swiss|url=https://www.nytimes.com/2001/07/08/business/private-sector-an-outsider-takes-on-the-swiss.html|work=The New York Times|date=8 July 2001 |access-date=1 October 2015}}</ref> He founded Mack, Bushnell & Edelman in 1969, and served as CEO.<ref>{{cite web|title=NYS Department of State Division of Corporations Entity Information |url=http://appext9.dos.state.ny.us/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_nameid=330110&p_corpid=280321&p_entity_name=MACK&p_name_type=%25&p_search_type=PARTIAL&p_srch_results_page=18 |access-date=2010-10-12 }}{{dead link|date=July 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Edelman's Wall Street businesses included [[investment banking]], [[money management]], and [[derivatives trading]]. In 1988, he taught a course called "Corporate Raiding – The Art of War" at [[Columbia Business School]], using as his textbook [[Sun Tzu]]'s ''[[The Art of War]]''.<ref>Behar, Richard (December 11, 1989). [https://web.archive.org/web/20090302011726/http://www.time.com/time/magazine/article/0,9171,959298,00.html "A Golden Boy's Woe: 'I'm Virtually a Slave'"]. ''[[Time (magazine)|Time]]''. Retrieved October 12, 2010. Archived from [https://web.archive.org/web/20090302011726/http://www.time.com/time/magazine/article/0,9171,959298,00.html the original] March 2, 2009.</ref> The character of [[Gordon Gekko]] in ''[[Wall Street (1987 film)|Wall Street]]'' was based in part on Edelman.<ref name=Forbes>{{cite web|last1=Vardi|first1=Nathan|title=Greed is so-so|url=https://www.forbes.com/forbes/2011/0523/focus-asher-edelman-gordon-gekko-mohawk-data-greed-so-so.html|work=Forbes|access-date=2 October 2015}}</ref>

In 1988, he moved to Switzerland and founded a contemporary art museum in [[Pully]], near [[Lausanne]]. The FAE Musée d'Art Contemporain launched the first European retrospective exhibitions of [[Robert Mapplethorpe]], [[Jean-Michel Basquiat]], [[Roy Lichtenstein]], and [[Peter Halley]]. It also was the first venue for "Post Human" an exhibition co-curated by Chantal Prod'hom of the FAE and [[Jeffrey Deitch]].<ref>{{Cite web|title=Post Human - Flash Art |url=http://www.flashartonline.com/interno.php?pagina=articolo_det&id_art=290&det=ok&title=POST-HUMAN |access-date=2010-10-12 |url-status=dead |archive-url=https://web.archive.org/web/20110711010759/http://www.flashartonline.com/interno.php?pagina=articolo_det&id_art=290&det=ok&title=POST-HUMAN |archive-date=2011-07-11 }}</ref>

In 2002, he created the company Edelman Arts Inc., a dealer in [[Impressionism]] through post war art, which also represents contemporary artists including [[Doug Argue]], Yasmine Chatila, [[Cathy McClure]] and [[Christopher Winter (artist)|Christopher Winter]].<ref>Sandler, Linda, Bloomberg News, January 16, 2008, "[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOl0LbEwd8js&refer=muse]", Retrieved 2010-10-12.</ref>

Edelman is the founder and president of ArtAssure Ltd., an art finance firm founded in 2010,<ref>{{Cite web | title = Asher Edelman Interview (video) |website=[[Bloomberg News]] |agency=Bloomberg News | url = https://www.bloomberg.com/video/63095710/ | access-date = 2010-10-12 }}</ref> which places art at auction, lends, purchases and guarantees the price of art at auction.

In 2014, he launched Artemus, an art leasing business. Artemus buys art from owners and then leases it back, typically for seven years. The other shareholders in Artemus are the [[Durst Organization]] and Armory Merchant Holdings.<ref>Whyte, Alasdair, Private Art Investor, November 11, 2014, "{{cite web|url=http://privateartinvestor.com/art-finance/asher-edelman-targets-art-leasing-with-artemus |title=Archived copy |access-date=2014-11-12 |url-status=dead |archive-url=https://web.archive.org/web/20141130103743/http://www.privateartinvestor.com/art-finance/asher-edelman-targets-art-leasing-with-artemus/ |archive-date=2014-11-30 }}", Retrieved 2014-11-12.</ref>

Edelman has served on many boards of trustees of art and educational institutions including past chairman of the board of [[Brooklyn Academy of Music]], vice chairman of [[American Ballet Theatre]], vice chairman of the [[Alvin Ailey Dance Theater]], chairman of the [[Karole Armitage]] Dance Group, board member of the [[Prix de Lausanne]], [[Gotham Chamber Opera]], and many others. He presently serves on the board of [[Bard College]].

In an interview with [[CNBC]] on March 9, 2016, Edelman endorsed [[Bernie Sanders]] as the next US president citing the falling [[velocity of money]] and Sanders' platform of stimulative [[fiscal policy]].<ref>{{Cite web | title = Asher Edelman Interview (video) - CNBC | url = http://video.cnbc.com/gallery/?video=3000500281 | access-date=March 9, 2016 }}</ref><ref>{{Cite web |last=Boucher |first=Brian |date=March 11, 2016 |title=Asher Edelman, 'The Art World's Gordon Gekko,' Endorses Bernie Sanders's Economic Plans |url=https://news.artnet.com/art-world/asher-edelman-gordon-gekko-endorses-sanders-447437 |access-date=May 1, 2023 |website=artnet news}}</ref>

Asher Edelman founded M&A Arts S.A.R.L in 2023 in partnership with [[Michelle Vrebalovich Edelman|Michelle Edelman]]. M&A Arts offers deep knowledge and expertise in the financial aspects of the art market.

== Disputes ==

In 2007 Edelman loaned ''Courier 1'', a painting by American painter [[Robert Ryman]], to the Swiss-based [[Galerie Gmurzynska]] for exhibition at Art Basel Miami Beach. After its return, the painting was sent to a dealer in New York for consignment, but was found to be damaged. According to Edelman, the painting had a "big gouge", rendering the artwork "a total loss".<ref name=Blouinartinfo>{{cite web|last1=Tully|first1=Judd|title=Seized the day|url=http://www.blouinartinfo.com/news/story/276117/seized-the-day#|website=blouinartinfo.com|publisher=Blouinartinfo|access-date=1 October 2015}}</ref> The painting had been insured for $750,000 with Edelman's insurer, [[Axa XL|XL Specialty Insurance]].<ref name=Blouinartinfo /> Edelman claimed that the Gmurzynska had disputed the case and had instructed its own insurer not to pay. XL Specialty Insurance made Edelman its assignee, and he then sued the gallery for $750,000 plus a further $250,000 for "willful conduct of defendant" and "reprehensible motives and such wanton dishonesty as to imply a criminal indifference to civil obligations."<ref>{{cite web |title=Bloomberg Politics - Bloomberg |website=[[Bloomberg News]] |archive-url=https://web.archive.org/web/20150916205622/https://www.bloomberg.com/apps/news?pid=newsarchive |archive-date=2015-09-16 |url-status=live |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aX82sXGnDW4Y}}</ref> In October 2009 a New York district court awarded a judgement of $767,438 against the gallery. Using a writ of execution for an unanswered lawsuit, Edelman arranged for the [[United States Marshals Service|US Marshals Service]] to confiscate some of the gallery's works at the opening of the Art Basel Miami Beach fair.<ref name= Blouinartinfo /> Marshals removed four paintings which Edelman valued at $6 million. The gallery denied instructing its insurer to withhold payment and claimed that they had no knowledge of the judgement; they paid up and the paintings were returned to the stand.<ref name= Blouinartinfo />

In 2010 Edelman was sued by [[Emigrant Savings Bank]] over $3 million of loans.<ref name=Forbes /> Collateral on the loans included a sculpture by [[Alberto Giacometti]], ''Torse de Femme''. Edelmann sold the sculpture and paid the debt plus $1.1 million in court judgements. He then sued Emigrant for fraud.<ref name=Forbes />

In February 2014 Edelman's company ArtAssure sued the Swiss company Artmentum for breach of contract and allegedly fraudulent representations. ArtAssure were offered a collection of over 100 paintings from the 19th and 20th centuries, supposed to have been in the ownership of Hiroshima Bank of Japan, at a discounted price of €350 million. The sale was contingent on the purchase being made through Artmentum for confidentiality. After several months of negotiations, Artmentum failed to provide evidence that they were authorised to sell the collection. The claim for $204 million was brought before a judge in a New York court.<ref name=Jovanovic>{{cite web|last1=Jovanovic|first1=Rozalia|title=Scammed?: Asher Edelman, the Art World's "Gordon Gekko," Sues for Fraud|url=http://www.blouinartinfo.com/news/story/1005582/scammed-asher-edelman-the-art-worlds-gordon-gekko-sues-for|website=blouinartinfo.com|date=February 2014 |publisher=Blouinartinfo|access-date=3 October 2015}}</ref> The claim was dismissed on the grounds that Artmentum was a Swiss company, with few commercial activities in the US, and therefore the case was outside the jurisdiction of the court.<ref name=Whyte>{{cite web|last1=Whyte|first1=Alasdair|title=ArtAssure v. Artmentum case dismissed due to jurisdiction of court|url=http://www.privateartinvestor.com/art-law-2/artassure-v-artmentum-case-dismissed-due-to-jurisdiction-of-court/|website=privateartinvestor.com|date=6 November 2014 |publisher=Private Art Investor|access-date=3 October 2015}}</ref>

In April 2011, Edelman was sued by a limited partner of his in an investment vehicle, Museum Partners LP, of which Edelman was the general partner.<ref>[https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=b9l11cRL5KLHpeDZvmobrw== iApps.courts.state.ny.us]</ref> This lawsuit was primarily for breach of fiduciary duty and called for very substantial reparations. This suit was ultimately dismissed by the court on the technicality that the plaintiff no longer had standing as a limited partner by reason of having agreed to an oral contract alleged by Edelman to purchase the interest of the limited partner in the partnership. However, the decision of the court did result in a final judgment against Edelman of about $250,000 and accruing interest.<ref>[https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=2OfrzUMWgVgaiD5b1QAy5g== iApps.courts.state.ny.us]</ref>

In January 2021, the Southern District Court of New York ordered the Swiss Business Council of Abu Dhabi to pay Edelman Arts for lost commissions on a deal worth $26.8m that never went through.<ref>{{cite web|first=Melissa|last=Gronlund|title=Court awards New York dealer Asher Edelman $6.9m over failed deal allegedly involving member of the Abu Dhabi royal family|url=https://www.theartnewspaper.com/2021/02/05/court-awards-new-york-dealer-asher-edelman-dollar69m-over-failed-deal-allegedly-involving-member-of-the-abu-dhabi-royal-family/|website=theartnewspaper.com|date=5 February 2021 |publisher=The Art Newspaper|access-date=5 February 2021}}</ref>

== Personal life == Edelman has been married four times. His first wife was English-born Antonia Patricia Simpson (married 1964), the daughter of Gerald Gordon Simpson, British deputy consul general in New York.<ref>{{Cite web|first=|last=|authorlink= |title=Antonia Simpson Engaged to Wed Asher Edelman; Former Corcoran Art School Student to Be Married to Broker|work=[[The New York Times]]|date=October 9, 1964 |url=https://www.nytimes.com/1964/10/09/archives/antonia-simpson-engaged-to-wed-asher-edelman-former-corcoran-art.html }}</ref> His second wife was Penelope Cox Edelman; they had three children: Danielle, Lisa, and Alexandra, before divorcing.<ref>{{Cite web|first=|last=|authorlink= |title=Financier and art collector Asher Edelman and his now ex-wife, Penny, maintained a cordial but chilly relationship during the last years of their marriage. |work=[[New York Daily News]]|date=October 20, 1992 |url=https://www.newspapers.com/newspage/470551728/|quote= But after Edelman sought a divorce so that he could marry his Brazilian mistress, the tenor of the relationship turned downright arctic, according to Edelman's former major-domo, or household manager, Desmond Atholl. Before the divorce became finalized, Asher and Penny spent one last Christmas together in Sun Valley for the sake of their children.}}</ref><ref>{{Cite web|first= |last= |authorlink= |title= Maxwell William Murphy Moore |publisher=[[The Bulletin (Bend)]]|date=January 9, 2006 |url= https://www.bendbulletin.com/news/1484941-151/maxwell-william-murphy-moore }}</ref><ref>{{Cite web|first= |last= |authorlink= |title=Terrebonne man sentenced to 10 years for baby's death. Mother calls Nilles 'a dangerous human being'|publisher=[[The Bulletin (Bend)]]|date=April 21, 2007 |url= https://www.bendbulletin.com/slideshows/1511095-151/terrebonne-man-sentenced-to-10-years-for-babys}}</ref><ref>{{Cite web|first=Dana |last=Dugan |authorlink= |title='He was a miracle to begin with' Quilt builds awareness about donating organs|publisher=Idaho Mountain Express|date=May 10, 2006 |url= http://archives.mtexpress.com/index2.php?ID=2005109801|quote=Sisters Danielle and Lisa Edelman held each other as they stared at the Threads of Life quilt on display at The Community Library Children's Library in Ketchum}}</ref> His third wife was Brazilian-born Maria Regina Leal Costa Mayall Edelman (married 1987 - divorced 2000).<ref>{{Cite web|first=Marion |last=Maneker |authorlink= |title=Ex-Mrs. Edelman Downsizes |publisher=Art Market Monitor|date=September 3, 2009 |url=https://www.artmarketmonitor.com/2009/09/03/ex-mrs-edelman-downsizes-in-paris/ }}</ref> His fourth wife is [[Michelle Vrebalovich Edelman|Michelle Edelman]] is also the co-founder of M&A Arts sArl. Their son Christopher Edelman (born 1998) is a music producer <ref>{{Cite web|first=Asher |last=Edelman|authorlink= |title=Our son Christopher "GEKKO" has produced his first album with "MAR$" the hip-hop rapper performer. |publisher=asheredelman.com|date=June 22, 2017 |url=https://asheredelman.com/2017/06/22/gekko/ }}</ref> who goes by the name ProdbyGekko. He is the founder New Gotham Studios in New York City.

== Notes == {{Reflist|30em}}

== External links == * [http://www.asheredelman.com Official website] * [https://www.ma-arts.ch M&A Arts website] * [https://www.newgothamstudios.com New Gotham Studios website]

{{DEFAULTSORT:Edelman, Asher}} [[Category:1939 births]] [[Category:Living people]] [[Category:Businesspeople from New York City]] [[Category:American financiers]] [[Category:American expatriates in Switzerland]] [[Category:American investors]] [[Category:20th-century American Jews]] [[Category:Corporate raiders]] [[Category:Museum founders]] [[Category:American art dealers]] [[Category:Private equity and venture capital investors]] [[Category:Bard College alumni]] [[Category:21st-century American Jews]]