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Caveat Emptor: Dismissal is Affirmed of Perelman Lawsuit Against Gagosian Over Potential Resale of Koons Work

Posted by Nicholas O'Donnell on December 8, 2014 at 10:53 AM

The intermediate appeals court in New York affirmed last week the dismissal of Ronald Perelman’s lawsuit against Larry Gagosian (the initial dismissal was earlier this year). Although we did not analyze the underlying dismissal when it happened (Donn Zaretsky wrote a terrific recap at the time, here). The result, while not terrible surprising at this point, does underscore some important points to remember about the parties’ rights and duties in an art transaction.

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Topics: Legislation, Donn Zaretsky, Gagosian Gallery Inc., Appellate Divisision, MacAndrews & Forbes Group LLC, Jeff Koons, opinion of value, Galleries, Ronald Perelman, express warranty, Larry Gagosian, U.C.C. § 2-313

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The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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