Tim Durham's art, car go to auction

INDIANAPOLIS (WISH) - More efforts are being made to get money back for investors in the now-bankrupt company of embattled Indianapolis businessman Tim Durham.

In a few weeks, what was once a very visible piece of Durham’s personal possessions will be up for sale: his beloved art collection.

“I like his vibrance,” said Durham of his collection of Peter Max art in February 2004. “I love the colors. It’s just dramatic.”

Now, Durham's art collection is at a Cleveland Auction House getting ready to be sold via auction . Kelly Burgan, the attorney for the bankruptcy trustee, says this is the best chance of getting back any of the $200 million that 5,000 investors lost.

“As of right now, the most significant tangible assets that we have are the artwork and the vehicles,” Burgan said.

Along with plenty of Peter Max, there is also Picasso and Norman Rockwell art up for auction. Already sold are two of Durham's cars that brought in a total of nearly $300,000.

“It’s pretty remarkable,” Durham said about one of the vehicles, a Bugatti, in June 2007. “I’ve seen a few of them before. When you realize it’s actually yours it takes on a whole different feeling.”

One of Durham’s vehicles that won't help the bankruptcy trustee is the Bugatti, though people can still get their hands on it.

24-Hour News 8 was there when Durham took delivery of the vehicle in June 2007. It had a sticker price of about $1.8 million. Sources say the vehicle will be sold at auction Saturday. It is not part of the Fair Finance bankruptcy proceeding. Durham was only leasing the vehicle, paying about $20,000 a month. When he didn't make the payments, the bank took it back and sold it. The current owner is now selling it at auction.