Ronald Perelman’s Lawsuit Against Larry Gagosian is Dismissed

Ron Perelman in 2014. Photo: Jimi Celeste, courtesy Patrick McMullan.

The lawsuit billionaire art collector Ronald Perelman filed against mega-art-dealer Larry Gagosian in 2012 was dismissed yesterday by the New York State Supreme Court.

Carol Vogel reported the news in her column ArtsBeat, her first since announcing that she was resigning after 30 years.

While the larger purpose of Perelman’s lawsuit might have been to reveal the “dirty” side of the art world, it seems that the collector had a very specific problem with his former friend Gagosian—rather than with the art world at large.

The collector claims that Gagosian both overvalued artworks he sold to Perelman, and undervalued artworks that he bought from Perelman, pocketing hefty differentials in the process.

Although the lawsuit concerned a group of high-profile artworks that changed hands between Perelman and Gagosian (including sculptures by Jeff Koons and Richard Serra) the collector seems particularly irked by a transaction regarding a Cy Twombly painting that he bought from Gagosian for $10.5 million.

Perelman claims that Gagosian overcharged him for the painting, and that the dealer also undervalued the works Perelman gave him in exchange for the painting, instead of cash.

Following news of the lawusuit’s dismissal, Gagosian’s lawyer Matthew S. Dontzin declared: “Justice was done today. We are gratified that the court unanimously dismissed this case, supporting our view.”


Follow Artnet News on Facebook:


Want to stay ahead of the art world? Subscribe to our newsletter to get the breaking news, eye-opening interviews, and incisive critical takes that drive the conversation forward.

Share

Article topics
Subscribe or log in to read the rest of this content.

You are currently logged into this Artnet News Pro account on another device. Please log off from any other devices, and then reload this page continue. To find out if you are eligible for an Artnet News Pro group subscription, please contact [email protected]. Standard subscriptions can be purchased on the subscription page.

Log In