Perelman’s big buck Manhattan Supreme Court lawsuit charged that Gagosian had duped him into overpaying for a Jeff Koons sculpture of Popeye and had overcharged him for other paintings and sculptures from big name artists.
Gagosian’s side contended it was more than fair with Perelman, and his allegations were meritless.
In a ruling Monday, Justice Barbara Kapnick tossed Perelman’s breach of contract and unjust enrichment claims, finding that Perelman was a sophisticated art investor who made his deals with Gagosian with his eyes wide open.
She did let stand Perelman’s fraud claim, which charges that Gagosian used his knowledge of the art world to overcharge Perelman for some works and to get him trade in some of his other works for less than they were worth.
Perelman spokeswoman Christine Taylor praised that part of the judge’s ruling.
“The court has affirmed that we have a valid fraud claim against Mr. Gagosian based on his unfair dominance of the art market. We intend to vigorously pursue that claim,” she said.
Gagosian’s lawyer, Matthew Dontzin, said, he and his client “were pleased that the judge tossed the vast majority of Perelman’s frivolous suit,” and “confident” the fraud claim will eventually get tossed as well.
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