Convicted health exec's art holdings up for bid

AP News
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Posted: May 11, 2011 11:56 AM
Convicted health exec's art holdings up for bid

The art collection of disgraced health care executive Richard Scrushy is going on the auction block, with proceeds going to his former company and its shareholders.

The collection owned by the former HealthSouth CEO will be sold off Sunday by Freeman's, a 206-year-old auction house in downtown Philadelphia.

HealthSouth shareholders have been seizing and selling everything from "the $5 million lake house to the $3 lampshade" to recoup the money, said shareholder lawyer John Q. Somerville of Birmingham, Ala., where HealthSouth is headquartered.

HealthSouth Corp. won a $2.9 billion civil judgment against Scrushy in 2009 after he was convicted on federal corruption charges. An appeals court last week threw out two bribery convictions but let most of the corruption charges stand.

The 16 Scrushy pieces to be auctioned include a rare 1965 Picasso print (estimated value $50,000 to $80,000); a Renoir lithograph ($50,000-$80,000); a Salvador Dali watercolor ($40,000 to $60,000); and a Chagall ink and wash on paper ($50,000-$70,000).

The items are on display through Saturday.

"An infamous name is, I think, helpful in bringing attention to the fine art," Anne Henry of Freeman's told The Philadelphia Inquirer. "And the objects speak for themselves."

Freeman's last year auctioned off parts of the vast Lehman Brothers collection.

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Online:

http://www.freemansauction.com

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Information from: The Philadelphia Inquirer, http://www.philly.com