Gerhard Richter Painting Part of Major Lawsuit
The Richter [up for auction at Phillips last November] had been guaranteed for $24 million by 28-year-old Beijing businessman and art collector Zhang Chang. But Zhang has so far refused to pay.
Zhang’s refusal to make good on his guarantee has resulted in an increasingly tangled series of lawsuits. The dispute has also ensnared a significant piece by Francis Bacon, which Zhang acquired in a separate sale, using borrowed funds he never repaid.
Via Artsy.
Tags: art, Art Law, auction, breach of contract, phillips, richter
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