Christie’s filed a motion today against the Mugrabi family’s Jombihis Corporation and Jose Mugrabi over their failure to pay for Jean-Michel Basquiat’s The Field Next to the Other Road. The painting was bought at auction in May of 2015 for more than $37m..
According to the motion, the Mugrabis agreed to pay for the work in November of 2015. They made the first payment of $5m but have failed to make subsequent payments totaling $32.125m.
Update: Christie’s and the Mugrabis issued a statement on Friday March 4, 2016 confirming an amicable settlement between the two parties.