Галагазета | 100 Million Picasso At Centre Of Legal Fight
$100 Million Picasso At Centre Of Legal Fight Belle, 25 января 2017 г., 7:52
A Picasso sculpture valued at over $100 million is at the centre of a legal battle between the Qatari royal family and a major art dealer.
Bust of a Woman, a 1931 rendering of the artist's muse Marie-Thérèse Walter, is currently on display at the Museum of Modern Art in New York.
Both the Qatari royal family and dealer Larry Gagosian claim they bought it from Picasso’s 80-year-old daughter Maya Widmaier-Picasso, the New York Times reported.
week in New York to file a legal action against Pelham Holdings, an agent for the Qatari royal family.
The gallery claimed it bought the sculpture for $105.8 million in May last year.
But Pelham said it had previously reached an agreement in November 2014 to purchase the piece for $42 million, and had already handed over $6.5 million.
Pelham was acting on behalf of Sheikh Jassim bin Abdulaziz al-Thani. His wife, Sheikha al Mayassa bint Hamad bin Khalifa al-Thani, chairs the Qatar Museums Authority and is one of the biggest art buyers in the world.
Matthew Dontzin, a lawyer for the gallery, said: ''Buying at this price would have given Pelham an instant $60 million-plus windfall at Maya’s expense. Under plain English, Pelham never took title of the work.''
He said the artist's daughter had given back the $6.5 million and declared the sale to Qatar null and void before selling to Gagosian.
The Qatari royal family's agent has accused the gallery of ''an attempt to thwart our rights''.
Source: www.telegraph.co.uk/culture/art/artsales/12098150/100-million-Picasso-at-centre-of-legal-fight.html
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A Picasso sculpture valued at over $100 million is at the centre of a legal battle between the Qatari royal family and a major art dealer. Bust of a Woman, a 1931 rendering of the artist's muse Marie-Thérèse Walter, is currently on display at the Museum of Modern Art in New York. Both the Qatari royal family and dealer Larry Gagosian claim they bought it from Picasso’s 80-year-old daughter Maya Widmaier-Picasso, the New York Times reported. week in New York to file a legal action against Pelham Holdings, an agent for the Qatari royal family. The gallery claimed it bought the sculpture for $105.8 million in May last year. But Pelham said it had previously reached an agreement in November 2014 to purchase the piece for $42 million, and had already handed over $6.5 million. Pelham was acting on behalf of Sheikh Jassim bin Abdulaziz al-Thani. His wife, Sheikha al Mayassa bint Hamad bin Khalifa al-Thani, chairs the Qatar Museums Authority and is one of the biggest art buyers in the world. Matthew Dontzin, a lawyer for the gallery, said: ''Buying at this price would have given Pelham an instant $60 million-plus windfall at Maya’s expense. Under plain English, Pelham never took title of the work.'' He said the artist's daughter had given back the $6.5 million and declared the sale to Qatar null and void before selling to Gagosian. The Qatari royal family's agent has accused the gallery of ''an attempt to thwart our rights''. Source: www.telegraph.co.uk/culture/art/artsales/12098150/100-million-Picasso-at-centre-of-legal-fight.html
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