Well-known gallerist ARCHIVE filed suit in the Supreme Court of New York against the gallery Luhring Augustine, accusing it of breach of contract

famous gallerist ARCHIVE filed suit in the Supreme Court of New York against the gallery Luhring Augustine, accusing it of breach of contract.

In April 2008, Tatintsyan decided to purchase from this gallery of 12 new paintings by American artist George Condo (George Condo) for 2,7 million dollars, ie, to 225 thousand dollars for each one. That price was 30 percent below the minimum retail price of the product labels - 325 thousand dollars. Under the terms of the contract Tatintsyan was obliged to pay 1.35 million dollars in June 2008, and the balance of payments during the year. In July 2008 he gave Luhring Augustine deposit of $ 1 million and agreed with the gallery, some amendments to the contract concerning payment and delivery of pictures. Under the new conditions gallery had to expel two of the Kondo every two months, and Tatintsyan was supposed to pay them upon receipt. Listed by him in advance that was supposed to cover the cost of the first delivery. According to documents submitted to the New York court, not a single picture Kondo Tatintsyanu never arrived. «We have paid a year ago and have not seen a single work - a gallery owner complained. - At the same time I saw eight works performed Condo for other collectors. I will not allow both to treat myself ».

attorney Roger Netzer (Roger Netzer), representing the interests of Luhring Augustine, called the claims unfounded Tatintsian and said that he has not fulfilled its obligations to the gallery. According to him, this summer Luhring Augustine offered him for 1.04 million dollars five paintings Kondo, matching the requirements specified in the agreement. However, «Tatintsyan stubbornly refused to accept them, and not even looked at them», - said Netzer.

In response to this Tatintsyan said that the gallery offered him the picture too late. Moreover, these were not the work that he wanted to get.

a lawsuit to the Supreme Court of New York, touched, and another deal with the gallery. Tatintsyan purchased from Luhring Augustine for $ 2 million painting by Richard Prince, (Richard Prince) with a prerequisite that the gallery will sell it at a discount the work of Voula, Christopher (Christopher Wool) for 196 thousand dollars. However, according to Tatintsian, the creation of Voula, he never received: «I knew that overpay for Prince, but I really wanted a picture of Voula».

the defendant's attorney Roger Netzer in response to this accusation denied the fact of the transaction in respect of works Prins and Voula.

Tatintsyan cooperates with Luhring Augustine for several years, during which he spent more than $ 10 million to purchase the works at this gallery. Now he needs to return him 1 million deposit for the work of Kondo and 2 million for the painting Prins.

article prepared by Catherine Onuchina, AI

Sources: bloomberg.com , artinvestment.ru

PS Interview Gary Tatintsian site ARTinvestment.RU, issued on November 25, 2008, can be read here:

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