pursuits

Gagosian Gallery Says ‘Imperious Demands of a Multimillionaire’ Should be Tossed

Corrected

A Wall Street art collector suing a prominent gallery and artist Jeff Koons for allegedly cheating customers by failing to deliver his works on time is just an impatient millionaire, the gallery said in asking a judge to throw out the suit.

Steven Tananbaum

Photographer: Patrick T. Fallon/Bloomberg

The collector, GoldenTree Asset Management LP Chief Investment Officer Steven Tananbaum, a major investor in distressed debt, sued in April over the non-delivery of three sculptures, claiming the gallery and the artist take deposits and payments while delaying delivery. On Wednesday, Gagosian Gallery asked a New York state judge to dismiss the suit, saying it has fulfilled its agreements.

Jeff Koons

Photographer: Jamie McCarthy/Getty Images North America

"The imperious demands of a multimillionaire who no longer wants to wait cannot trump the plain and unambiguous language of the purchase agreements, which do not require Mr. Koons to create the works by any specified deadline," the gallery said in its filing.

Larry Gagosian’s global network of galleries stretches from Hong Kong to Los Angeles. His business has generated more than $1 billion in annual sales, according to the Wall Street Journal.

Wall Street Collector Launches Legal Fight Over Koons Works

The case is Tananbaum v. Gagosian Gallery, 651889/2018, New York State Supreme Court, New York County (Manhattan).

(Correct quote in third prargraph for the word "unambiguous".)
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