Christies Being Sued After Reopening Bidding

Bloomberg is reporting that contemporary art collector Gregory Callimanopulos is suing Christie's after his $3 million bid was accepted by the auctioneer on Sam Francis’s painting Grey. Christies reopened the bidding, claiming a paddle in the audience was raised as the hammer was coming down. The painting eventually hammered down at $3.2 million to the competing bidder said to be the Curator of the Broad Art Foundation operated by billionaire Eli Broad. The final price for the Francis, $3.7 million including buyers premium.

Auction policy typically states that a bid is not final until the hammer strikes, but the auctioneer has much leeway in deciding to reopen a lot if he feels it is necessary. It will be interesting to see how this process evolves and if the lawsuit has merit and is considered by the courts.

The report states According to the suit, auctioneer Christopher Burge announced to the packed saleroom that the hypnotic gray painting, with a presale estimate of $2 million to $3 million, “sold to the telephone for $3 million.”

But Burge then reopened bidding, the suit claims, because he said a paddle in the room went up as the hammer fell, the suit said.

“This was not correct,” according to the suit.

April Jacobs, co-head of Christie’s contemporary sale and the staffer who handled Callimanopulos’s bid, concurred with his account, according to the suit.

“‘From my vantage point, I did not see a new paddle go up before the hammer went down,’” Jacobs wrote in a May 14 e-mail to Callimanopulos’s curator, who was not identified.

“In my opinion, we (Ms. Jacobs and Mr. Callimanopulos) were the final bidder, and the piece sold to us for $3M,” the e-mail said, according to the suit.

Callimanopulos seeks a declaration that the work is his, for $3 million, plus commissions. He also seeks attorney’s fees and “other, further and different relief” as the court deems just and proper.

To read the Bloomberg article, click HERE.