BANKING & FINANCE - Dec. 27, 1995

Citibank Seeks to Seize Artwork in Loan Fraud Case: Citibank sought to seize artworks by David Hockney, Andy Warhol, Willem de Koonig, Alexander Calder, Diego Giacometti and Andy Warhol from a New York gallery the bank accused of defrauding it. Citibank is seeking a court order forcing the New York-based Marisa del Re Gallery Inc. to turn over at least 136 works of art worth about $2 million. The bank, Citicorp’s main unit, charged that without a court order the gallery will try to move the art out of the country. The art is supposed to be collateral for more than $4 million Citibank has lent the gallery. The gallery has turned over art worth about $2 million to Citibank already, but has refused to hand over any more over since August, the bank said in court papers. The Marisa del Re Gallery is based in Manhattan, but its owner, Marisa del Re Castellett, also runs galleries in Palm Beach, Fla., and in Monaco, according to Citibank.