Saturday, June 11, 2011

"The gallery seeks no money in the suit ... and only asks that Mr. Rich fulfill his supposed obligation."

Here's an interesting one.  The New York Observer reports that Michael Werner Gallery is suing collector James Rich over a painting that was allegedly supposed to have gone to the Carnegie Museum (where Rich is a trustee) but did not:

"The painting in question, 'Red Boat (Imaginary Boys)' (2004) by Peter Doig was sold to Mr. Rich for $162,000 in 2004 but is now up for auction at Christie's where it’s expected to take in between $2,289,000 and $2,943,000. In the meantime, the Carnegie Museum was meant to assume full ownership, but Mr. Rich claims to have donated a percentage of the painting and then bought it back such that he still owns it."