Wednesday, 23 July 2014
Last updated 1 hour ago
Oct 24 2012 | 4:38am ET
While shuttered New York art gallery Knoedler & Co. still has many legal headaches, GLG Partners co-founder Pierre Lagrange is no longer one of them.
Lagrange was among several Knoedler clients to sue the gallery, accusing it of selling them faked artworks. But he settled his lawsuit, over the authenticity of a painting allegedly by Jackson Pollock, this month.
That settlement is confidential, The New York Times reports. At least two other Knoedler clients are suing the gallery, which closed its doors after 165 years in business just two days after Lagrange gave it a report concluding that his "Pollock" was a forgery.
Lagrange paid $17 million for the painting, allegedly from 1950, after, he says, Knoedler and director Ann Freedman assured him that the canvas was to be added to a revised version of the Pollock catalogue raisonne, or complete list of works. But his report showed that the painting included two pigments that were invented after Pollock's death in 1956.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…