The NY Times is reporting the suit between gallerist Gagosian and billionaire collector Perelman is heating up after the failure of Gagosian to convince Perelman to dismiss his suit. Perelman believes Gagosian overvalued works sold to Perelman. In any event, the situation gets rather complicated involving multiple works, trades, millions of dollars and giant egos.
The NY Times reports
Source: The NY TimesThe papers, filed in the State Supreme Court in Manhattan, ask for a dismissal of the case, which accuses Mr. Gagosian of being a cheat, and say that he lost money in a series of art transactions with Mr. Perelman that involved 11 works worth upward of $45 million.
The legal complaints center on the worth of an unfinished Jeff Koons sculpture, “Popeye,” that Mr. Perelman bought from Mr. Gagosian for $4 million, as well as the value of eight other works that Mr. Perelman used as partial payment for a $10.5 million Cy Twombly painting and a $12.6 million Richard Serra sculpture he bought from the dealer.
Mr. Perelman had charged in his papers that Mr. Gagosian took advantage of him, “undervaluing works when purchasing them, overvaluing them when selling them, and pocketing the substantial differential.”
But the legal details have not attracted as much attention as the prospect of a nasty grudge match between two men known for their volcanic tempers, relentless empire building and refusal to take no for an answer. One British pundit, Emma Brockes, has described the case in The Guardian as “a really good ding-dong between two rich public figures.”
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