A Paris tribunal decided on December 11th 1998 to wind up the Loudmer auction group following the indictment of auctioneer Guy Loudmer regarding the management of his group and his controversial role in the sale in 1990 of the Bourdon collection which produced 509 million FF (US $ 90,9 million). Guy Loudmer, whose group incurred debts amounting to 381 million FF
(US $ 68,04 million), was charged on October 24th 1997 for aggravated breach of trust, receiving and complicity.
His own personal debts totaled 399,4 million FF (US $ 71,33 million) whereas his son and associate Philippe, who fled France to seek refuge in Israel at the end of the last year, had debts amounting to 223,7 million FF (US $ 39,95 million).
Auction king Guy Loudmer has been accused of having received undue commissions following the Bourdon sale and of tax evasion. In addition, some 100 million FF (US $ 17,88 million) out of the 509 million Bourdon sale turnover remained unaccounted for.
Guy Loudmer, who has also been suspected of many irregularities and fund embezzlements, was jailed during a few weeks until December 22nd 1997 and then sent back to prison from January 14th until May 13th 1998 when he was let out on bail against a 5 million FF (US $ 893,000) deposit.
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