Art Dealer Helly Nahmad to Be Released from House Arrest

Helly Nahmad. Photo ©2014 Patrick McMullan Company, Inc.
Helly Nahmad. Photo ©2014 Patrick McMullan Company, Inc.

Mega-dealer Hillel “Helly” Nahmad will be released today from house arrest, Page Six reports.

Nahmad was released from prison to a halfway house last December, after serving five months of a year-and-one-day sentence for taking part in an illegal gambling ring worth $100 million (see Helly Nahmad Sentenced to One Year and One Day in Jail and Art Dealer Helly Nahmad Released From Prison).

Nahmad brokered a plea deal which involved paying out $6.4 million and the rights to Raoul Dufy’s painting Carnaval à Nice (1937), in an effort to avoid jail time.

The ring was busted in 2013, which resulted in a raid of his Upper East Side Helly Nahmad Gallery.

Nahmad, who, according to his lawyer Benjamin Brafman, is still involved in the running of the Helly Nahmad Gallery, is reportedly looking forward to getting back to work.

Prior to going to jail, Helly Nahmad embarked on a month of partying with celebrity associates, like magician David Blaine (see Helly Nahmad Partied with David Blaine Before Jail Stint).

His absence from art fairs and the auctions has been notable, as he and his father, mega-collector David Nahmad, are a prominent fixture on the scene.

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