Sotheby's has won a lawsuit against those who refused to pay of the buyer
ARTinvestment.RU   14 июля 2020

The auction house will receive $2 million as compensation for the difference between the unpaid interest rate and price for which sold work

This story , began in may 2017, when at the evening auction of contemporary art Sotheby's in new-Йорке on the three-meter work by Keith Haring "untitled" was a bet of $6 537 000. At that time it was the highest price for works by Haring. The record was recorded, and the lot, according to the auction Protocol, was bought new-йоркским art-дилером Anatole by Saharovym.

Shortly after the auction, however, it became clear that Shagalov for the painting refuses to pay, and the auction house was forced to sue him in court. As it became known during judicial proceedings, Shagalov was trying to find a buyer for the work of Haring and even reached preliminary agreement on a deal at $5 million with the Spanish collector Marco Mercanti. However, the sale fell through, just as the Mercanti learned about the lawsuit from the auction house. As a result, in October 2018, the work Haring was sold to a third party, during the auction acting as guarantor of the price, for $4.4 million Difference between the sale price and the unpaid rate and was the starting point in the formation of the amount of the claim.

the Defence of Anatole Shagalova insisted, first, on the existence of some arrangement whereby he was to be given installments for the payment of the whole amount bid for the painting, and then insisted that Sotheby's could sell this work and more than $4.4 million (and then the claim amount would be less), but the court satisfied the requirements of the auction house in full.

This decision is especially true if you consider the fact that until the appeal to the court of Anatole did not make any attempts though as-то to pay for the purchased lot, and that currently Shagalov is suing the auction house Phillips, who is also trying to recover from him for damage done, but not paid for bets on the total sum of $6 million.

the Material was prepared by Maria Kuznetsova AI

Source: artforum.com