Artworks from Manhattan’s Berry Hill Galleries were seized after Berry Hill allegedly defaulted on a $9.5 million debt. However, James Berry Hill,. the owner of the gallery, does not agree that the works were being "seized" but stated that they were simply being sent to a warehouse.
On March 30, U.S. District Judge Colleen McMahon had granted an application for an order of seizure, finding that Berry-Hill owed the bank $9.5 million. The Court found that the gallery "secretly sold 223 works of art" and failed to pay sale proceeds to American Capital or hold them aside for the bank.
More information cane be found in this Wall Street Journal article: