The Art of the Steal

Afterward, says Bogatin, "we were at a loss over what to do."
A few days later, Bogatin's phone rang. A member of California Lawyers for the Arts had managed to interest the San Francisco District Attorney's Office in the Harcourts situation.

The chief of the DA's special prosecutions section, Debra Hayes, invited Bogatin and for a visit. Though she won't discuss details, Hayes says she assigned a prosecutor and a white-collar investigator to the case after Bogatin explained the vulnerability of struggling artists and the unlikelihood they'd obtain justice in bankruptcy court.

When Bogatin and Hayes parted ways, the Villiermes' attorney was sure the prosecutor's office would kick into gear. Instead, inactivity reigned. Banks left the country. His wife remained out of sight, while their divorce stayed suspiciously idle. And the bankruptcy trustee prepared to close shop on the Harcourts case.

Then, last month, the DA's investigation suddenly spurted to life. The renewed interest was sparked -- at least in part -- by a notice the office received from Richard Humphries, a San Francisco art dealer who was in state prison on an arson conviction. Banks had accused Humphries of theft of some art from Harcourts, and the prisoner had sent an official demand that the district attorney either charge him or dismiss Banks' complaint.

In February, Assistant District Attorney Harry Dorfman sent letters to creditors listed in Harcourts' bankruptcy files, asking them to call with information. Eagle-Smith, the former curator, was interviewed by a district attorney's investigator. Stephen Banks was scheduled for an investigative interview.

Despite the absent people, missing money, and official heat, Banks' associates say they still don't understand all the fuss.

"It's not sensational, [n]or was it premeditated," says Eagle-Smith.
"It's not newsworthy, and it should be put to rest," says Stephen Banks.
But Rachel Adler, owner of the Rachel Adler Gallery, a New York City gallery seeking a $137,000 payment from Harcourts, has a less simplistic read.

"I have always suspected something," she says. "This is one of those cases in which, if someone dies, you'll want to open that coffin, just to make sure.