Ron Perelman, Larry Gagosian File Suits Against Each Other

Tags: Gagosian Gallery, Jeff Koons, Larry Gagosian, Lawsuits, Ron Perelman

Both Ron Perelman and Larry Gagosian filed lawsuits against one another in the Manhattan Supreme Court yesterday.

Perelman is accusing Gagosian of fraudulently undervaluing a Jeff Koons “Popeye” sculpture at $4 million in order to avoid paying a higher commission to the artist. According to Perelman, Gagosian has a “secret” deal with Koons in which he increases the artist’s commission if Gagosian is able to sell the work for a higher amount.

According to the magnate, Perelman feels cheated both financially and personally:

“For over 20 years, Gagosian has been a constant and trusted art advisor and mentor to Mr. Perelman,” and he has “relied heavily on Gagosian’s advice and guidance regarding . . . artists, market demand, and the value of specific works of art.”

In a counterattack, Gagosian claims Perelman never paid for two works of art, valued at $12 million and $10 million, which he agreed to buy, and that he now refuses to return them to the gallery.

The suit claims that “The gallery prides itself on its relationships, and has never sued a client in its over 30 years of business,” but that Perelman has “forced the gallery into court.”

Perelman spokesperson Christine Taylor calls the counterattack “frivolous…a failed attempt to take the focus off the lawsuit we filed today, accusing him of fraud, breach of duty and breach of contract.” She goes on to reiterate that Perelman’s legal team has documentation proving that he paid for the supposed “hostage” works.

[via NYPost]

Photos courtesy of Richard Corkery/The Daily News and Jeff Vespa/WireImage.com