Peter Gant has had a bad year in the art market. He got sued over selling some fake paintings and then tried to sell a Brett Whiteley work that seems to have been collateral on a mortgage. After the painting failed to sell at auction, Menzies bought it for A$825,000 but a finance company came forward claiming the work was collateral, according to the Australian:

Art auctioneer Rodney Menzies has said he had no knowledge of a mortgage on the work while he was trying to sell it for $1.25 million. Menzies yesterday filed his defence in the Victorian County Court against a suit brought by Questco […] which claims it owns the mortgage and is therefore entitled to the painting.

Contentious art dealer Peter Gant allegedly borrowed money from Questco to buy the painting, View from the Sitting Room Window, Lavender Bay, in April 2007. Two years later Menzies agreed to try to sell it for $1.25m, with court documents arguing Questco did not mention the mortgage or try to get the painting back.

Court to Sort Out Ownership of a Whiteley (The Australian)