Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Qataris Continue to Press Gagosian in NY Courts

March 13, 2016 by Marion Maneker

Disputed Picasso

The New York Times reports there’s been an additional complaint filed by the Qataris against Gagosian in New York. What isn’t clear from the newspaper’s description is what is new in this filing. It was previously revealed that the invoice to Gagosian included the provision for title to pass before the final payment.

The second paragraph tells of a single page invoice from Diana Widmaier-Picasso to Gagosian for her services in the transaction uncovered through discovery by Pelham in the first case:

In a legal action filed late on Friday night in federal court in Manhattan, the Qatari family’s agent, Pelham Holdings, outlined the chronology of the second, $106 million sale to Mr. Gagosian in May 2015, a month after the first sale was abruptly canceled. According to the Pelham complaint, the Picasso family was in such a hurry to carry out the second sale to Mr. Gagosian that it made the transfer of the title to the sculpture to him before he made a final payment. In turn, Mr. Gagosian sold the sculpture to Leon Black, a New York art collector, in a deal that would have allowed Mr. Black to take possession before that payment was fully made.

Over the course of the transaction, according to the Pelham complaint, Maya Widmaier-Picasso’s daughter, Diana, received a lucrative commission from Mr. Gagosian for acting as an intermediary on the second sale, which was based on a one-page invoice.

Custody Battle Over Picasso Bust Intensifies (The New York Times)

More from Art Market Monitor

  • In the Art World, “Capital Is Extremely Expensive Because It’s Extremely High Risk.”In the Art World, “Capital Is Extremely Expensive Because It’s Extremely High Risk.”
  • LA Collectors to Sell $12-17m Worth of Diebenkorn, Serra & Francis at Sotheby’s in MayLA Collectors to Sell $12-17m Worth of Diebenkorn, Serra & Francis at Sotheby’s in May
  • James Cuno's Pay Breaks $1mJames Cuno's Pay Breaks $1m
  • The Market Hugs a $1.5bn Imp-Mod Category: Spring 2018 New York Auction AnalysisThe Market Hugs a $1.5bn Imp-Mod Category: Spring 2018 New York Auction Analysis
  • London Wares Visit New YorkLondon Wares Visit New York
  • The Season of Jumped BidsThe Season of Jumped Bids

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...