[intro]A New Wrinkle in Settlements Has Hirsts Traded for Custody of a Child[/intro]
Lindsay Pollock has the details on an agreement between art collector Udo Fritz-Hermann Brandhorst and his dealer mistress that involves two Hirst works–a pill cabinet and an edition of “Hymn”–among other works:
Kapernekas has agreed to drop the federal suit and claims on the Hirsts in exchange for: custody of their daughter (Brandhorst gets visitation and vacation rights); a one-time payment of $100,000; a $500,000 trust for the daughter’s education; a loft on Wooster Street in Manhattan’s Soho district valued at about $5 million to be held in the daughter’s name as sole owner; $5,000 a month in child support; and $640,000 to cover Kapernekas’s legal expenses, according to Kapernekas.
As part of her settlement, Kapernekas is able to sell a Warhol she received as a gift from Brandhorst, a heart-shaped blue-and-red painting from 1983 titled “Candy Box Open.” She had consigned the painting for sale for as much as $40,000 at Sotheby’s in London in February, along with another Warhol painting, titled “Heart,” which Brandhorst had given his daughter. Brandhorst’s lawyers blocked the sale and the works were withdrawn from the auction just before the preview began. Kapernekas cannot sell “Heart” because it belongs to her daughter.
Henkel Heir, Mistress Settle Suit on $48 Million in Two Hirsts (Bloomberg)
