9th Circ. Dings Christie's For Hanging On To Paintings

Law360, New York (January 11, 2012, 9:40 PM EST) -- The Ninth Circuit on Wednesday upheld a decision by a lower court that Christie's auction house had violated a contract by refusing to return an iconic Andy Warhol painting of Grace Kelly and several equestrian paintings by Richard Prince to CNET founder Halsey Minor.

A three-judge panel said in an unpublished opinion that Christie’s had not drafted its security agreement with Minor in a way that proved the paintings he put on consignment with a sibling company of Christie's were in its possession.

The ruling comes...
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