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A betrayal of an artist's trust

The whole art world was shocked, not only by who the fraudster was, but also who the victims were.

Well-heeled collectors pay millions for works by American artist Jasper Johns, but James Meyer, the artist's former assistant, is behind bars after admitting he stole works from the painter's studio in Sharon, Connecticut—right under the artist's nose—and sold them.

Victim attorney Judd Grossman told CNBC, "I think the art market—the whole art world—was shocked not only about who the fraudster was in this case, but who the victims were."

The victims include financial and real-estate titans.