The most recent filing in a case between collector Steven Tananbaum and Jeff Koons/Larry Gagosian claims that the collector should have expected to wait several years for the work he paid $13 million for. “Tananbaum is a prominent hedge fund manager, a trustee of the Museum of Modern Art, and a sophisticated art collector who regularly invests in exclusive works of fine art,” Gagosian’s attorney Matthew Dontzin notes in court papers. “Mr. Tananbaum was being advised by one of the world’s leading art advisors and fully understood that (i) Mr. Koons is a perfectionist who often takes years to make each sculpture; (ii) Mr. Koons provides only estimated completion dates for the sculptures; and (iii) those estimated dates are often extended by multiple years,” Dontzin adds in the motion to dismiss the suit.
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