It’s a flip-flop over an art flip. In a surprising reversal, a Dallas judge has dismissed collector Marguerite Hoffman’s lawsuit for breach of contract against finance mogul David Martinez and defunct New York gallery L&M Arts, in a case that involves a spectacular flip of a multi-million dollar Mark Rothko.
Back in 2007, Martinez paid Hoffman $19 million for the painting, then turned around just three years later and sold it at Sotheby’s for a headline-grabbing $31.4 million (in the interim, court papers say, it was kept out of sight in storage).
