Lagrange Settles Suit Over Faked Pollock

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of