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Buyer Cannot Recoup Money on Schnabel Painting

October 29th, 2009 in Art Law / Contracts
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The New York Supreme Court ruled this week that a woman who worked relied on an art dealer’s valuation of a painting by Julian Schnabel cannot recoup the $290,000 she paid for the work. 

The Court ruled that a “party is not justified in relying on any alleged misrepresentations if the facts were not peculiarly within” the other party’s knowledge and the party had the means to learn the truth by exercising ordinary intelligence.

Entire story at Law.com.

 

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This entry was posted on Thursday, October 29th, 2009 at 11:40 am and is filed under Art Law, Contracts. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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