The NY Times is reporting on a lawsuit being brought against Christie's by a family trust over the failure to sell a Francis Bacon painting this past November. The family trust is claiming Christie's won the rights to sell the painting over Sotheby's and it originally included a guarantee of $40 million. Chrsities, after receiving the painting backed off of the guarantee. If you recall, the November Modern and Contemporary sales performance were rather bleak. Around this time both Christie's and Sotheby's began to review guarantee policies as well.
The NY Times states The lawsuit, filed in the United States Southern District Court on Friday, claims that Christie’s, in competition with archrival Sotheby’s, agreed to give the trust, Weiss Family Art, a guarantee — a sum promised to the seller regardless of the sale’s outcome — of $40 million for the painting. In order to win the consignment from Sotheby’s, Christie’s sweetened its deal and won the business.
The NY Times article is rather short and lacks many details, to read click HERE.
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