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Edelman's Guarantee

January 28, 2010 by Marion Maneker

Asher EdelmanKelly Crow gives Asher Edelman some press in the Wall Street Journal for his new third-party guarantee business

Mr. Edelman recently set up his own firm, Art Assured Ltd., to arrange art investments. […] Going beyond art lending, he says he intends to stake money on artworks bound for auction, a niche only a few financiers have even explored. […] When a seller consigns a work to auction, Mr. Edelman’s firm, Art Assure, will pledge to buy the piece if it doesn’t sell for an agreed-upon minimum price. In exchange, the seller will pay the firm a fee of about 5% to 10% of the work’s guaranteed price. Continue Reading

Edelman v. Gmurzynska at ABMB

December 3, 2009 by Marion Maneker

Asher Edelman had federal marshals seize art works worth ten times the value of an insurance judgment against Galerie Gmurzynska for a damaged Robert Ryman painting, Lindsay Pollock reports on Bloomberg:

Asher EdelmanThe lawsuit alleged that in 2007 Edelman consigned Ryman’s 1985 “Courier I” to Gmurzynska for sale at Art Basel Miami Beach and was insured for $750,000. The work was returned with a “deep indentation,” or “gouge” according to the lawsuit, and the defendant refused to pay the insured value.

The suit claims an additional $250,000 for “willful conduct of defendant” and “reprehensible motives and such wanton dishonesty as to imply a criminal indifference to civil obligations.” The suit resulted in a default judgment for the plaintiff for about $765,000.Continue Reading

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