The intermediate appeals court in New York affirmed last week the dismissal of Ronald Perelman’s lawsuit against Larry Gagosian (the initial dismissal was earlier this year). Although we did not analyze the underlying dismissal when it happened (Donn Zaretsky wrote a terrific recap at the time, here). The result, while not terrible surprising at this point, does underscore some important points to remember about the parties’ rights and duties in an art transaction.
Topics: Legislation, Donn Zaretsky, Gagosian Gallery Inc., Appellate Divisision, MacAndrews & Forbes Group LLC, Jeff Koons, opinion of value, Galleries, Ronald Perelman, express warranty, Larry Gagosian, U.C.C. § 2-313