Private Equity Exec. Keeps Painting After Controversial Sale

Mar 22 2013 | 10:56am ET

Private equity executive Thompson Dean will get to keep a Roy Lichtenstein painting he bought from a prominent gallery, which allegedly sold it without the previous owner's permission.

Avista Capital Partners' Dean bought the painting from the Gagosian Gallery for $2 million, which was below market value. But the previous owner, Jan Cowles, said that the painting, "Girl in Mirror," had been transferred to the gallery for sale by her son without her knowledge, and that Gagosian later lied and said the painting had been damaged to justify the low price.

Dean and Gagosian have a long-standing relationship. Gagosian earned a $1 million commission on the sale.

Cowles has now settled with Gagosian. Terms were not disclosed, but Dean won't have to return his Lichtenstein.

"Mrs. Cowles and Gagosian Gallery have reached a settlement," Cowles' lawyer, David Baum, told Art+Auction. "The terms of the settlement are confidential, but we can confirm that Tom Dean may keep the painting, and is now acknowledged as its owner."


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of