The lawsuit between Ronald Perelman and Larry Gagosian is still underway, with Perelman launching a subpoena demanding information on Gagosian’s previous deals with Columbian collector José Mugrabi.  Perelman maintains that the work in question, a Cy Twombly allegedly sold to Mugrabi before Perelman bought it for $10.5 million, was part of a scheme to manipulate the price, while Gagosian is also charging that he lost money on the deal. (more…)

This week, art dealer Larry Gagosian asked New York State Supreme Court to throw out the lawsuit collector Ronald Perelman filed against him last fall.  Gagosian and Perelman have been embroiled in a debate over the sale of a Jeff Koons sculpture, with Perelman claiming that Gagosian used his position to take advantage of Perelman in the sale.  “I really think that these two gentlemen ought to get together at a cocktail party in the Hamptons this summer,” Justice Barbara Kapnick said. “This is a crazy case to have going on in this court and you ought to see if this can’t get resolved before I write a decision.” (more…)