Warhol lawyer loses $1.35 million in court ruling

Mr Hayes was told that he was only owed $3.5 million

The long running legal battle over fees due to Edward W. Hayes, lawyer to the Andy Warhol Foundation, took another turn in New York in early February. Mr Hayes, who had been awarded $7.2 million in court last April, was told by the Court of Appeals that he was entitled to only $3.5 million for his work as lawyer to the Warhol estate. As he has already been paid $4.85 million, he will be obliged to pay back $1.35 million. Mr Hayes’s fee was originally set at 2% of the worth of the Warhol holdings. Court proceedings over the value of the estate ensued, resulting in the value of the estate being set at $390.09 million by the court—about twice the figure proposed by the Foundation. The Court of Appeals did not dispute this figure, but decided that Mr Hayes was paid at far too high a rate. Mr Hayes may appeal.

Appeared in The Art Newspaper Archive, 57 March 1996