Olyvia Kwok Gets Caught in a Squeeze Between Sotheby’s & Indecisive Collector

Olyvia Kwok got a lot of press for buying a Basquiat and Twombly during the last sale cycle in London. But that deal seems to be causing her more trouble than good. At the time, she was quoted as saying the works were a bargain giving the impression that she was buying on her own account for her investing firm, Willstone Management. Now it appears she was acting as an agent for someone else who got cold feet causing Sotheby’s to go to court to enforce the sale agreement, according to the Telegraph:

Miss Kwok claims she acted in good faith on behalf of a European client based in Hong Kong, only for him to back out after the auction. Miss Kwok said: “In 10 years of dealings in the business I have never found my trust has been breached in this way.”

Miss Kwok was introduced to the client through a mutual friend. Her spokesman said: “She took him on trust, something she now regrets.”

Her spokesman added: “It is a very unfortunate situation and the first time Olyvia has had any kind of problem like this. She is an innocent party. This gentleman asked to buy the paintings then turned out not to have the funds. She is in the process of paying for the paintings and she will then sell them in due course to other collectors.”

Sotheby’s confirmed that the writ had been issued but that the parties are “in the process of resolving the matter”. A spokesman said: “We’ve now been paid the majority of the proceeds and payment in full is in the process of being amicably resolved. Re the reasons for non-payment, as with all our clients, details relating to payment are confidential.”

Sotheby’s sues art sale glamour girl for £3m after client fails to pay  (Telegraph)