Douglas J. Chrismas, a prominent 80-year-old art dealer based in Los Angeles, was sentenced to two years in federal prison and ordered to pay restitution of nearly $13 million following his conviction on embezzlement charges. Chrismas, the president and CEO of Art and Architecture Books of the 21st Century, also known for operating Ace Gallery in Los Angeles’ Miracle Mile and Beverly Hills, was found guilty in May 2024 of three counts of embezzling funds from an estate in bankruptcy.
The sentencing marks a dramatic conclusion to a legal saga that has spanned Chrismas’s decades-long career in the art world. According to the Department of Justice, Chrismas began his gallery career at just 17 years old and has been a fixture of the Los Angeles art scene since relocating there in 1969. However, his career has been marred by legal troubles, with a high-profile incident nearly 40 years ago where he was charged with stealing $1.3 million worth of contemporary art. Among the stolen works was a piece from renowned artist Andy Warhol, who had publicly accused Chrismas of failing to make promised payments.
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In 2013, Chrismas’s gallery, Ace Gallery, filed for Chapter 11 bankruptcy while he continued to manage its operations. Legal documents reveal that between 2016 and 2017, Chrismas embezzled $264,595 from the gallery’s bankruptcy estate, diverting funds into accounts he controlled, including a nonprofit organization called Ace Museum. This included a $50,000 check that he wrote to Ace Museum and further funds used to cover the museum’s operational costs, such as its $225,000 monthly rent.
During the trial, Chrismas’s attorney, Jennifer Williams, argued that her client did not dispute the transactions and maintained that as the gallery’s owner, he believed he had the authority to make loans within his network of affiliated companies. Despite this defense, the jury deliberated for less than an hour before returning a guilty verdict.
In his remarks, U.S. Attorney Martin Estrada expressed that Chrismas’s actions were a betrayal of the trust placed in him to manage the gallery’s estate, emphasizing that Chrismas’s “dream” of an art museum should not come at the expense of creditors who were relying on him to protect their interests.
In addition to serving a two-year prison sentence, U.S. District Judge Mark C. Scarsi ordered Chrismas to pay $12,809,192 in restitution, marking the financial impact of his criminal behavior and the extensive harm caused to those affected by his actions .
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