The New York Times had an interesting twist on the Knoedler case this weekend when another lawsuit was filed claiming fraud but this time the evidence is simply that art dealing is too profitable:
In this case the executive, John D. Howard, asserts that the gallery paid only $750,000 for the painting in 2007 and days later sold it to him for more than five times that price. “No genuine work of art by de Kooning with a $4 million retail sale value could be purchased in good faith for $750,000,” the lawyers for Mr. Howard, from Lynn Cahill LLP, state in the papers filed in federal court in Manhattan.
Knoedler Sued Again Over Authenticity of Art Work (New York Times)
