Art Collector, Gallery Broke Pact Over Rothko Work, Jury Finds
By Michael Lipkin
Law360, Los Angeles (December 20, 2013, 9:03 PM ET) -- A Dallas federal jury on Friday found that an art collector and art gallery breached their contract over the purchase of a prominent Mark Rothko oil painting by indirectly revealing the painting’s former owner, but awarded far less than the tens of millions sought.
The verdict found that collector David Martinez and his company Studio Capital broke a secrecy agreement with Marguerite Hoffman, signed when they bought her untitled 1961 Rothko painting referred to as Red Rothko. L&M Arts, a gallery which helped broker the deal,...