Monday, November 17th, 2008
Christies Sued Over Forged Basquiat
A lawsuit filed against auction giant, Christies, for consciously selling a fake Basquiat may proceed, concluded a ruling handed down by NY State Court. In 2001 Guido Orsi purchased the bogus painting from Tony Shafrazi Gallery for $185,000, after the gallery had acquired it for $242,000 from a 1990 Christie’s auction. The suite claims Christies passed off the painting as genuine, despite Basquiat’s estate identifying it as counterfit and requesting it be withdrawn from the auction.
As stated in the suit: “If as plaintiffs alleged, Christie’s fraudulently misrepresented the Painting’s provenance, and published that misrepresentation in its catalogue, which Christie’s could reasonably anticipate would be relied upon by bidders at its auction, as well as subsequent purchasers, it may be liable to those who relied upon its misrepresentation.”
Orsi had initially filed suit against Tony Shafrazi Gallery in Milan, but opted to withdraw and joined Tony Shafrazi in suing Christies in the United States. Representation for Shafrazi and Orsi remarked on the significance of the decision, which “allows third-parties who did not bid at an auction … to rely on the catalogues sold and distributed by [an] auction house as representations of authenticity,” permitting such parties to recover
If successful, Shafrazi and Orsi will be awarded a total of $7 million – $2 million in damages based on the increase of Basquiat’s market value since the original 1990 sale, and an additional $5 million in “exemplary” damages.
Christies denies any wrong doing and “considers that the suit is without merit.”
Source: law.com
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