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Billionaire Sued for Breach of Contract Relating to Purchase of Art

Posted on Jan 01, 2016

Billionaire Ronald Perelman is the subject of a new breach of contract lawsuit in New York surrounding his purchase of artwork from Gagosian Gallery Inc. Perelman allegedly did not pay an agreed-upon price for a sculpture and a painting after they were delivered to him. He is also accused of failing to meet a payment schedule for an unfinished sculpture. The lawsuit was filed in New York State Supreme Court.

Perelman, however, has filed a lawsuit of his own. His complaint is against the owner of the Gagosian Gallery Inc., Larry Gagosian. He alleges that Gagosian concealed material information and manipulated the price of the artwork. That lawsuit also was filed in New York State Supreme Court.

In the lawsuit against Perelman, the gallery presents the following alleged facts:

  • On January 6, the two parties entered into a contract for a sculpture for $12.6 million.
  • Perelman personally guaranteed the contract.
  • The sculpture was delivered to Perelman’s home on June 8.
  • At that time, Perelman offered to pay only a portion of the agreed-upon sales price.
  • He also refused to pay the full price of $10.5 million for a painting that he allegedly had asked the gallery to obtain for him.
  • Perelman refused to return either art piece, instead offering pieces from his own collection in exchange.
  • To mitigate damages, the gallery opted to give Perelman approximately $18 million in credits for the art from his collection.
  • Perelman’s failure to uphold his obligations under the contract has caused the gallery significant financial harm.

As part of his defense with regard to the lawsuit filed against him, Perelman asserts that he did, in fact, pay in full for the art pieces that are the subject of the lawsuit. 

Contact a New York breach of contract lawyer today at (888) 497-3410 for more information about breach of contract and other business litigation matters.

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