Frederick Morgan Painting Caught in Complex Dispute
Aug 4, 2009
What a mess! This Frederick Morgan painting was consigned for sale to a Mayfair gallery in London. The consignor was a second dealer who actually sold the painting to a third dealer previously but the sale fell through. The second dealer decided to keep the third dealer’s deposit after he discovered that the third dealer had tried to sell the painting at Christie’s before paying off the balance. Christie’s returned the painting to the second dealer.
The painting is then ‘sold’ by the Mayfair gallery to an unknown collector in the USA who turns out to be an art finance company (the one who lent the second dealer the money for the deposit) who then refuses to send payment while holding onto the picture. The art finance company cites UCC filings and US law in their claim to the picture.
Chris Marinello is brought in to sort out the matter and a confidential three-way agreement is fashioned that clears title to the painting allowing it to sell at auction. The art world at its finest…