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

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...