The NY Times is reporting that Knoedler has settled a lawsuit over a $17 million disputed Jackson Pollock painting it sold. The terms are confidential, although other issues remain such as what will happen to the painting.
The NY Times reports
Source: The NY TimesKnoedler & Company, the venerable art gallery that shut its doors last year, has settled one of three federal civil suits brought by former customers who charged they were duped into spending millions for fakes.
The details of the settlement between Knoedler, its former president Ann Freedman and the customer, Pierre Lagrange, over a $17 million painting attributed to Jackson Pollock are confidential.
“Knoedler Gallery is pleased to have the matter resolved,” the gallery said in a statement.
Ms. Freedman said through a spokesperson that the suit was “settled amicably.”
Among the questions left unanswered is what will happen to the work itself: including whether it will become a possession of the defunct gallery, which is selling some of its remaining inventory at auction. The work, known as “Silver Pollock,” is one of a group of paintings handled by Knoedler that came from a Long Island dealer, Glafira Rosales, who is now a target of a federal investigation, according to court records.
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