Ron Perelman, Gagosian Gallery Trade Suits Over Art Deals

Law360, New York (September 12, 2012, 8:19 PM EDT) -- MacAndrews & Forbes Holdings Inc. and its billionaire head Ron Perelman traded breach of contract suits with the Gagosian Gallery Inc. in New York on Wednesday over a number of contemporary art deals, including Perelman’s purchase of an unfinished Jeff Koons sculpture.

In a suit filed in New York state court, Perelman claimed that gallery owner Larry Gagosian had fraudulently induced the billionaire owner of MacAndrews & Forbes to purchase an unfinished Koons granite sculpture of “Popeye” and then refused to pay market value to buy...
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