Displaying items by tag: financier

A widely watched lawsuit between a billionaire and top art tycoon has expanded to include one of the most private and powerful families in the art world.

Last week, a judge granted a motion by billionaire financier Ronald O. Perelman to depose members of the Mugrabi family as part of a lawsuit between Perelman and art megadealer Larry Gagosian. According to people familiar with the case, the depositions are scheduled for September and could delve into the financial relationships and dealings between the Mugrabis and Gagosian.

A fire broke out at an historic 17^th century mansion in Paris on Wednesday, July 10, 2013, destroying artworks dating back hundred of years. The mansion, known as Hotel Lambert, was acquired by the Qatari royal family in 2007 and was in the midst of controversial renovations when the blaze took place. The fire devastated murals, paintings and frescoes by French luminaries such as Charles Le Brun (1619-1690).

The architect Louis Vau designed Hotel Lambert, which overlooks the Seine, in the 1640s for the wealthy financier, Nicolas Lambert. The mansion is considered one of the finest examples of mid-17^th-century French architecture, boasting frescoes by Le Brun and other masters of the day including Eustache Le Sueur (1617-1655). In addition to its impressive interior, the Hotel Lambert was home to many powerful figures over the centuries including the philosopher, Voltaire. When the Qatari royal family purchased the mansion, critics feared that one of France’s historic gems would be destroyed, especially after the family revealed plans to renovate the estate.

Dozens of firefighters battled the blaze at the UNESCO-designated mansion for nearly six hours. The cause of the fire has not been determined and is still under investigation by police.

On July 2, 2013, a U.S. District judge decided the fate of 15 contemporary artworks once belonging to the disgraced financier and attorney, Marc S. Dreier. Dreier was convicted of fraud in 2009 for selling hundreds of millions of dollars in fake promissory notes to hedge funders and a section of his collection has remained in limbo ever since.

Judge Jed S. Rakoff ruled that the art holdings, worth $33 million, will be turned over to New York’s Heathfield Capital Limited, the company that suffered the greatest from Dreier’s scam. The works going to Heathfield Capital include a piece by the conceptual artist John Baldessari (b. 1931), an untitled work by Keith Haring (1958-1990), one work by Alex Katz (b. 1927), three by Roy Lichtenstein (1923-1997), an untitled work by Mark Rothko (1903-1970) and three pieces by Andy Warhol (1928-1987) including the iconic Jackie portrait of Jacqueline Kennedy Onassis. The bulk of Dreier’s collection was sold in 2010 at Phillips and the profits were reserved for creditors of Dreier’s law firm.

Drier is currently service a 20-year sentence at a federal prison in Minnesota.

Art collector, philanthropist, and financier, Eli Broad, announced this week that he will donate 19 works to the Eli and Edythe Broad Art Museum at his alma mater, Michigan State University. The contemporary art museum is slated to open on November 10^th. Designed by the architect, Zaha Hadid, the 46,000-square-foot museum was expected to open in April but was delayed due to construction.

Broad’s donation includes a large-scale piece, Containment 1, by the American sculptor Roxy Paine that will be displayed outdoors. There are other works by various artists including Robert Longo, Elizabeth Murray, Terry Winters, and Jonathan Lasker, which are worth around $2 million collectively.

Broad donated $28 million for the museum, with $21 million going toward construction and $7 million for acquisitions, exhibitions, and other functions. Michael Rush, the museum’s director, is curating the inaugural show.