Rainbow Media’s new theatrical and VOD label Sundance Selects has beaten out three other buyers to pick up North American rights from Submarine to Don Argott’s documentary The Art of The Steal.

The deal closed at 2am on Sunday morning, several days after the world premiere at Toronto, in what sources said was a “substantial” six-figure advance and minimum 15-city theatrical release.

As Toronto came to a close at the weekend buyers were circling several projects and a deal is believed to be imminent on Get Low. The Joneses, Cracks, Mother And Childand The Disappearance of Alice Creed are all in play.

Sundance Selects plans a 2010 release for The Art Of The Steal, which will receive its US premiere at the New York Film Festival.

The Art Of The Steal plays like a thriller and chronicles the arduous struggle for control of the Barnes Foundation, the greatest collection ever assembled of Post-Impressionist and early modern art. 

Arianna Bocco and Jeff Deutchman negotiated the deal on behalf of Sundance Selects with Josh Braun of Submarine. Justin Wineburgh handled legal on behalf of the film-makers and Betsy Rogers provided legal counsel for Sundance Selects.

Sheena M Joyce of 9.14 Pictures produced and Lenny Feinberg of MAJ Productions served as executive producer.

Sundance Selects launched in August with Spike Lee’s Passing Strange: The Movie. The upcoming slate includes Adam Elliot’s Sundance 2009 opener Mary And Max, Chris Wiatt’s documentary A Complete History Of My Sexual Failures, Kief Davidson’s documentary Kassim The Dream, and Tom Thurman’s documentary Nick Nolte: No Exit.