Fascinating case of the German socialite and the £1million polka-dot pumpkin that never was
AN art-dealing socialite pretended to sell a sought-after pumpkin sculpture and used the money to fund a lavish lifestyle which saw her charter a private jet and buy a £25,000 Rolex watch, a court has heard.
Angela Gulbenkian, 39, received $1.275m (£982,308.29) from a Hong Kong art firm for the polka-dotted piece called the “Kusama pumpkin” by the Japanese artist Yayoi Kusama.
But Gulbenkian never handed over the item and earlier this month admitted the fraudulent sale of the artwork.
Having grown up in Munich, she married the great-grand-nephew of oil tycoon Calouste Gulbenkian, whose fortune funded a multi-billion pound foundation and Lisbon museum.
However, around the time of the theft her husband ceased working for his family’s business, creating an “unimaginable rift” between him and his father.
Her defence counsel, David Groome, said the couple went from having a “lavish” lifestyle to having their home, which was owned by her father-in-law’s gas and oil company, sold from under their feet and Angela becoming the family’s only source of income.
She also admitted fraud in relation to a £50,000 investment from Jacqui Ball, a friend who had asked her to invest her money in art, the court heard.
Mathieu Ticolat, co-founder of Art Incorporated, which bought the pumpkin, said Gulbenkian is a “sociopath”, Southwark Crown Court heard yesterday.
Mr Ticolat gave evidence via videolink from Hong Kong as he detailed the impact of the fraud.
As a result of the theft he has lost clients and had to close his gallery office, as he could no longer afford to pay the rent.
He said Gulbenkian was a “sociopath, always escaping and making lies”.
In her statement read to the court, Ms Ball said she was convinced to “invest my life savings... at a time when I was at my most vulnerable. “To save this kind of money took me many years and I just couldn’t see how I could do it again.
“I started to question my judgement of people. I started to lack trust.” The Gulbenkians are considered one of Europe’s wealthiest and most renowned art-collecting families, and Angela became heavily involved in the continental art world, marketing herself as a high-end broker. Mr Ticolat paid the money into Gulbenkian’s personal HSBC account in May 2017.
She went on to blow more than £1million in just eight months, including £288,000 on shopping alone, £25,000 on a Rolex watch and a “significant” amount on chartering a private jet, the court heard.
Mr Ticolat repeatedly asked for the whereabouts of his sculpture, only to be fobbed off by Gulbenkian with excuses about having to deal with family illness. Gulbenkian is due to be sentenced today.