Former Tyco executive’s art heading to auction
NEW YORK CITY ? A Renoir and a Monet that hung in the Fifth Avenue home of former Tyco chief executive officer Dennis Kozlowski will be auctioned off next month as the government moves to collect on the millions he looted.
The paintings are expected to fetch a projected $6.5 million at Sotheby’s on May 3. Eleven other paintings from Kozlowski will be put on the block May 18 and June 21 under court order.
Some of the works were purchased in 2001 when Kozlowski and his wife, Karen, went on an infamous company-financed art binge, burning though $14 million.
The next year, Kozlowski was indicted for failing to pay sales taxes on the spree.
Prosecutors say the one-time executive sent the empty cartons with false invoices to New Hampshire, which doesn’t levy sales taxes. The art never left New York.
Kozlowski, 59, and former finance chief Mark Swartz were convicted in June of fraud and larceny for looting the company – taking $150 million in unauthorized bonuses and loans.






