Millions lost in arts scandal

One of Australia's leading art dealers is at the centre of a scandal involving millions of dollars in missing money and art.

Ronald Coles has a national database of clients who invest in valuable art portfolios that he buys, then stores, exhibits and sells on their behalf.

For many years, he has specialised in works by Australia's most celebrated artists including D'Arcy Doyle, Eugene von Guerard, Norman Lindsay, Sir Arthur Streeton and Brett Whiteley.

But like the sharemarket, the art world has fallen during the past 12 months. In recent weeks, customers have arrived at the Ronald Coles Investment Gallery in Kenthurst, Sydney, to find the premises closed and cleared of all valuables.