Friday, April 26, 2024
 
 

Art Adviser Ordered to Pay $1M to Client

March 8th, 2017 in Contracts
Skip to comments (0) ↓
 

Art adviser Lisa Jacobs has been ordered to pay Michael Schulhof the $1m she made from the sale of a Jean-Michel Basquiat painting . In a decision from February 27, 2017, New York Supreme Court Judge Charles Ramos ruled that Jacobs had committed fraud and breached a contract that set her fee at $50,000.

Additionally, the court stated that  “Jacobs’ disloyalty to Mr. Schulhof causes her to forfeit the $50,000 in compensation earned for the sale of the Work.”

More here. Opinion available here.

 

Tags: , , , , , ,

This entry was posted on Wednesday, March 8th, 2017 at 11:25 pm and is filed under Contracts. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments

No comments so far.
 
Legal

Clancco, Clancco: The Source for Art & Law, Clancco.com, and Art & Law are trademarks owned by Sergio Muñoz Sarmiento. The views expressed on this site are those of Sergio Muñoz Sarmiento and of the artists and writers who submit to Clancco.com. They are not the views of any other organization, legal or otherwise. All content contained on or made available through Clancco.com is not intended to and does not constitute legal advice and no attorney-client relationship is formed, nor is anything submitted to Clancco.com treated as confidential.

Website Terms of Use, Privacy, and Applicable Law.
 

Switch to our mobile site