Angela Gulbenkian to be jailed for fraudulent sale of Kusama sculpture

German socialite Angela Gulbenkian has been sentenced to 3.5 years in prison after she pleaded guilty over fraudulent sale of Yayoi Kusama’s pumpkin sculpture to Hong Kong-based art dealer Mathieu Ticolat. 

Acting as a middleman, Gulbenkian sold Kusama’s iconic pumpkin sculpture for $1.3 million (Rp18.6 billion) to Art Incorporated Ltd. owned by Ticolat. Even though they never met, Ticolat decided to trust her based on her pedigree as she is married to a popular German art collecting family. Ticolat did not realise that it was a scam until Artseen, a Singapore-based company, reached out to him. The company told him that it agreed to sell the sculpture via Gulbenkian, but never received the money.

The embezzled money was reportedly used to sustain Gulbenkian’s lavish lifestyle after her father-in-law estranged her husband and cut them off their family fortune. The money was used to buy Rolex, two art pieces, a number of luxury items and a private jet ride.

Gulbenkian hoped she would be able to return the money to Art Incorporated Ltd. as well as the $70,000 (Rp1 billion) she embezzled from her friend Jacqui Ball. On the day she was arrested, she was days away from a $2.5 million (Rp35.8 billion) deal, which legitimacy is yet to be known.