Gagosian Gallery Sued For $6M Over Bungled Art Sales

Law360, New York (March 14, 2011, 6:26 PM EDT) -- A disgruntled art collector sued Gagosian Gallery Inc. in New York on Thursday for fraud and breach of contract over the abortive sale of two multimillion-dollar paintings.

Safflane Holdings Inc. filed suit in the U.S. District Court for the Southern District of New York alleging that the fabled Gagosian Gallery sold a Mark Tansey painting that actually belonged to a museum for $2.5 million, and reneged on a $2.2 million sale of a Richard Prince painting after receiving a higher offer.

Cyprus-based Safflane is seeking $6...
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