Art Market Monitor

Global Coverage ~ Unique Analysis

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

Dealer with ‘Misplaced’ Tisch Picasso Claims Protection Under Florida Law

April 25, 2016 by Marion Maneker

Kenneth Hendel

The Miami Herald adds a few interesting layers to the story of Billie Tisch’s lost Picasso. The Herald tells us dealer Kenneth Hendel paid $350,000 for it then turned around and offered the work for three times what he paid. Presumably, Hendel’s pricing (the work failed to sell at Sotheby’s for much less) put buyer’s off more than a lack of documentation.

Once confronted with Tisch’s claim, Hendel’s strategy for fighting it is tough to figure out. It’s true that Hendel has gotten the press to lap up his initial spin on the matter: rich old lady irresponsibly loses track of her own art. But trying to embarrass an aged heiress doesn’t seem like a winning hand. Nor does this latest tack Hendel offers the Herald:

Hendel claims there’s a big difference between how stolen art is legally dealt with in New York and Florida. In New York, he claimed, if an art piece is stolen and then passed from dealer to dealer, it must be returned to the original owner.

Not so in Florida, said Hendel. Here, he said, the piece belongs to the last person who purchased it if it has passed through at least two people since the theft.

Jason Hernandez, a legal art expert and partner at Stearns Weaver Miller Weissler Alhadeff & Sitterson, said he could not comment on Hendel’s argument. But he said the general rule in the U.S. is that stolen property must be returned to its rightful owner.

“A thief cannot pass good title. If in fact it was stolen, it’s returned to the owner,” said Hernandez.

Picasso piece tangled in tug-of-war between dealer, billionaire  (Miami Herald)

More from Art Market Monitor

  • Christie's HK Southeast Asian Mod/Cont = HK$49,350,750Christie's HK Southeast Asian Mod/Cont = HK$49,350,750
  • Christie’s Announces Swiss Collectors’ Works for London Sale in FebruaryChristie’s Announces Swiss Collectors’ Works for London Sale in February
  • FIAC Sales from FTFIAC Sales from FT
  • Sotheby's SaturatesSotheby's Saturates
  • Looking for Action at the Lower End of the MarketLooking for Action at the Lower End of the Market
  • Drowning in DetailsDrowning in Details

Filed Under: General

About Marion Maneker

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

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Restituted Van Gogh Portrait from London Collection to Sell at Christie’s
  • Tony Podesta's Secret Art Buying
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Christie’s to Sell Its First Fully Digital Work of Art in Test of Emerging Market
  • Roy Lichtenstein’s Top Ten Auction Prices
  • How to Chant Like an Auctioneer
  • Basquiat's Last Girlfriend
  • Podcast
  • 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