On September 9th I posted about technology entrepreneur and C-Net founder Halsey Minor being sued by Sotheby's. The suit against Mr. Minor was for failure to pay on $16.8 million of purchases of art from Sotheby's, including the $9.6 million purchase of Edward Hicks' "The Peaceable Kingdom With the Leopard of Serenity".Serenity and peace are nowhere near this Sotheby's sale. Philip Boroff of Bloomberg.com is reporting that Mr. Minor is now suing Sotheby's, although the amount was not disclosed. Minor is claiming that Sotheby's had a financial interest in the painting which should have been disclosed prior to purchase. Boroff of Bloomberg.com states " auction houses which are licensed by the New York City Department of Consumer Affairs, disclose when they have a direct financial interest in lots for sale. That includes when they have guaranteed a price to a seller.
It will be interesting to see where these lawsuits lead. To read the original AW post click HERE, to read the Bloomberg.com article, click HERE.
1 comment:
To see an accurate accounting of the facts read here:
http://theartlawblog.blogspot.com/2008/10/minor-disagreement.html
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