Tatintsian case settled
No dispute with Luhring Augustine
By Charlotte Burns. Market, Issue 215, July-August 2010
Published online: 27 July 2010
LONDON. A long-running dispute between Moscow dealer Gary Tatintsian and New York-based gallery Luhring Augustine has been settled out of court.
The spat revolves around a $2.75m deal for 12 new George Condo paintings worth $225,000 each, on which the gallery offered a 30% discount, according to Tatintsian’s complaint. An initial $1.35m payment was scheduled in April 2008, with the balance due within a year of the project’s completion. Tatintsian missed the April due date, but paid $1m in July 2008. He claimed that an amended schedule was agreed with the gallery, whereby he would receive two Condo paintings every two months, paying for each upon delivery, with the initial $1m payment used to cover the first works delivered.
Roland Augustine and Lawrence Luhring said the gallery had offered the dealer four new Condo paintings, plus a fifth work which Tatintsian had already agreed to buy, valued at $1.04m in July 2009. The dealer refused this, and took the case to court in August 2009.
However, Tatintsian has now accepted the works and dropped the case. “Mr Tatintsian strongly believes the litigation was entirely necessary to achieve a settlement that was satisfactory to him,” said Peter Stern of McLaughlin & Stern on behalf of the dealer.
“As far as Luhring Augustine is concerned, the litigation was a complete waste of everyone’s time,” said Roger Netzer, of law firm Willkie, Farr & Gallagher which represents Luhring Augustine.
Submit a comment
All comments are moderated. If you would like your comment to be approved, please use your real name, not a pseudonym. We ask for your email address in case we wish to contact you - it will not be
made public and we do not use it for any other purpose.
Want to write a longer comment to this article? Email firstname.lastname@example.org