Picasso Art Used for Loan

An artist has been charged with grand theft after authorities said he tried to use a stolen sketch by Pablo Picasso as collateral for a loan. Michael Jon Schofield, 60, of Newport Beach, was being held Tuesday in Dallas after being charged in California with two felony counts of grand theft and one felony count of writing a bad check, prosecutors said. He could face more than four years in prison if convicted of all the charges. Authorities have not yet set a date for Schofield's extradition to California. Police suspect Schofield, a landscape artist, approached the owner of the sketch, titled "Le Couple," and offered to find a buyer for the art work in exchange for a 5 percent commission. The art, which dates to 1920, is valued at $200,000. Authorities said Schofield later claimed to own the art sketch and gave it to another man as collateral for a $40,000 loan. (For full source and full article click the Headline). Irish Art