Displaying items by tag: assets

Following a seven-year legal battle over a Sandro Botticelli painting "Madonna and Child" (1485) that was caught up in the collapse and ensuing bankruptcy proceedings of Salander-O'Reilly Galleries, rulings by two New York judges last month have resulted in the painting—worth an estimated $10 million—being returned to its rightful owner, Panama-based Kraken Investments. Ronald Fuhrer, a Tel Aviv-based dealer and advisor to Kraken, confirmed to artnet News that he had retrieved the painting on behalf of the investment firm on December 8. At various times, it looked as though the painting would be classified for legal purposes as gallery collateral and thus one of the assets that should be sold to repay creditors, despite the owners insistence that it had merely been loaned for a show.

The long-running dispute between the former board of North Miami’s Museum of Contemporary Art and the city that housed it is over.

Attorneys for both sides met this week after months of mediation to work out the final settlement, emerging with a plan Wednesday that will split the museum’s assets between the city and departed board members, who have since founded a new institution, and close the lawsuit that was filed earlier this year.

According to a joint statement released Wednesday, North Miami will keep the majority of the 600-work permanent collection, some of which was donated by board members who left MOCA, that was a major sticking point in the mediation talks.

When Merton Simpson (1928-2013), a collector and dealer of African tribal art, passed away on March 9, 2013 he left behind a collection of museum-quality works said to be worth millions. Despite his illustrious holdings, Simpson’s family did not have enough money to give him a proper burial and his body is currently being held in a funeral home in Charleston, SC. Simpson’s son, Merton Simpson Jr., has started an email campaign asking friends of his father for contributions so that a proper funeral can be arranged.  

Simpson’s care and art collection have been continuously prickly issues for his family with accusations of mismanagement and exploitation flying freely. Simpson, a celebrated abstract expressionist painter, was a pioneering champion of African art in the United States. Sadly, his remarkable archive and renowned collection have become a source of conflict between his friends, family, and staff members and most of his holdings are being detained in the Manhattan gallery, which he owned.

A will from 2011 was filed in Manhattan last week for Simpson naming his son, Merton Jr., as an executor and dividing most of his assets between his two sons, his brother, and a nephew. Simpson’s family is still waiting for the court to deem the 2011 will legally valid and to name an executor.    

Jeffrey Gundlach, the chief executive officer of DoubleLine Capital LP, was the victim of a multi-million dollar burglary last week. After returning to his Santa Monica residence, the so-called ”bond guru” found $10 million worth of assets missing including several paintings, a 2010 Porsche Carrera 4S, watches, wine, and cash. At least ten paintings, including pieces by Jasper Johns (b. 1930), Piet Mondrian (1872–1944), and Guy Rose (1867–1925) were taken. Gundlach, a well-known connoisseur of fine art, is offering a $200,000 reward for any information leading to the recovery of the goods.

The burglary occurred sometime between September 12 at 3PM and September 14 at 8PM as Gundlach was in New York at the Bloomberg Markets 50 Summit. The investigation is ongoing.