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Court Dismisses Billionaire Perelman's Lawsuit vs. Larry Gagosian

  • December 06, 2014 16:51
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Cy Twombly, Leaving Paphos Ringed with Waves.

The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court.

Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine the value of Twombly's "Leaving Paphos Ringed With Waves" before agreeing to buy it for $10.5 million, the Manhattan court said on Thursday.

Read more at Reuters

Tags: contemporary art
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