After Not Paying for $14.5 Million Pollock, an Art Collector Is Sued
Phillips Auctioneers has filed a lawsuit against a third-party guarantor who failed to pay for a $14.5 million Jackson Pollock painting that did not sell at auction. The guarantor had agreed to buy the painting at a predetermined price if it did not fetch a higher amount during the auction. However, the guarantor did not fulfill their obligation, leading Phillips Auctioneers to take legal action. The lawsuit highlights the complexities and risks involved in the art auction market, where third-party guarantors play a crucial role in ensuring the successful sale of high-value artworks. The failure to honor the agreement has resulted in a legal dispute, which could have significant implications for the art world and the auctioneering industry.
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