Phillips sued billionaire’s son for more than $14.5 M. Pollock painting
In a lawsuit filed earlier this month, Phillips, one of the world’s top auction houses, claimed that the billionaire’s son failed to pay $14.5 million for Jackson Pollock’s paintings sold in New York last November.
A lawsuit filed in New York’s Supreme Court alleges that David Mimran, the son of filmmaker Jean Claude Mimran, agreed to use the money as a third party guarantee. Third-party guarantees have become common in major sales, especially since the beginning of the pandemic, auction houses can pay for the risk of providing art by recruiting external supporters who agree to purchase jobs, even if bidding does not break a certain barrier.
The document filed with the lawsuit, which is first made by New York Post Last weekend, it was suggested that Pollock paintings did not reach that amount when they were sold. Under a third-party guarantee agreement filed by Phillips, Mimran will pay only half of the $14.5 million if the hammer price of the project (not the amount of additional expenses) exceeds $14.2 million.
Pollock’s work is an early drip painting, the highest point of Phillips Sale. Painting was sold for $15.3 million in around 1948.
According to Phillips, Mimran seeks an extension of payment. “Mimran admitted that he owed the money, but he cried poor and asked for more time,” the lawsuit read. Then, allegedly, he claimed that he could not pay under this new deadline. The auction house is currently seeking less than $15 million from Mimran, a figure that accounts for 10% of interest.
Mimran told Artnet News“I love this painting and there will be some lateness happening in this market that most auction houses have to deal with.”
Mimran’s lawyer refuses Artnews And refer Artnews Mimran’s comments Artnet.
He is the producer of the movie warrior (2011), a famous drama with Tom Hardy as a boxer. He also previously held senior positions in Senegal’s efforts to mine mines.
“It’s amazing that Mimran believes he can bid like a billionaire and then hide behind the claim that he’s bankrupt,” said Luke Nikas, the attorney representing Phillips, giving Phillips a gift to Phillips. Artnews. “As he claimed, if Mimran didn’t have a dollar name to pay for the artwork, he shouldn’t have raised his oar.”
