DNA Info has the details from court papers on the sale of an Ad Reinhardt painting that is being contested by heirs of a New York doctor who was also an art collector and owned two of Ad Reinhardt’s works. The first was sold in 2007 for $2.3m despite the offer of a $3m guarantee which the estate had turned down:
Cyrus Greenspon claims in court papers that her step-sister’s mega-cheap sell-off of their late dad’s Ad Reinhardt painting was shady and a conflict of interest — namely because she got her former boss, the president of swanky Pace Gallery, to vouch for its low value and had a friend and former colleague buy it.
Just months later, in June, gallery owner David Zwirner sold the artwork, known as “Blue Painting,” in less than an hour at the Art Basel fair in Switzerland for between $5 million and $10 million, according to reports.
“I find it highly questionable that this piece of art was sold for $375,000,” Greenspon said in a petition, pointing out that his step-sister, Amy Greenspon, and Zwirner know each other.
Siblings Squabble Over Painting Worth Millions That Sold for Thousands (DNAinfo.com New York)