Multimillion dollar art collection stopping divorce collectors
ARTinvestment.RU   20 февраля 2020

Litigation, for the second year certificates and divorce Libby and David Mugrabi, can reveal the inner mechanisms of the formation of contemporary art collections

While art-рынок waiting for further development events a collection of Harry and Linda of maclow, valued at $800 million, the fate of his collection in court finds out another couple divorcing collectors. Libby and David Mugrabi filed for divorce back in 2018, but-за outstanding issues of division of property — expensive real estate in Manhattan and the Hamptons and modern art collection worth several hundred million dollars, — the process is almost not moved at all. Family Mughrabi known for the most extensive private collection of works by Andy Warhol, as well as excellent works of Jean-Мишеля Basquiat, Richard Prince, George Condo and KAWS.

adds spice to the situation the fact that, if the parties fail to negotiate in private, it will become the independent art appraisers and professionals to conduct financial transactions. And then free will be a hidden schema used by collectors purchasing works of art, including the withdrawal offshore, and the discrepancy between the stated purchase price of a work with its actual value. So, according to Libby, in an attempt to hide assets, her ex-husband had placed in offshore trusts works of art worth about $200 million. All of these statements now need to check experts in the field of financial crimes.

in Addition to the evaluation cost of the collection, the experts will figure out and how each works: depending on, hung the painting in a private house Mughrabi or adorned the wall of the office, she can be considered as part of the joint personal property couples, and business-структуры David Mughrabi. In this case, the court will have to set the level of contribution of Libby in her husband's business to determine its share of the cost for each such work. 13 February 2020 in the Supreme court of Manhattan on this case was held the last meeting during which the parties anticipated does not come to an agreement.

if the court ultimately decides that the separation of the art collection between the parties impossible, it may order the couple to sell the paintings at auction and divide the money between them. This means that the market for contemporary art will receive several tens of high-level work.

the Material was prepared by Maria Kuznetsova AI

Source: news.artnet.com