Toronto theatre impresario David Mirvish is embroiled in the ongoing legal saga of Knoedler & Company, a 165-year old New York art gallery and dealer that closed its doors in 2011 after a number of allegations emerged that it had dealt in art forgeries. The forgeries are said to involve only a specific group of works by modernists like Jackson Pollock and Mark Rothko.
In 2003, Mirvish bought a purported Jackson Pollock for $2.5 million (Untitled 1949) even though the forgery scandal had already tainted the gallery’s reputation to the point where auction houses were demanding to see authentications of any of Knoedler’s pieces.
In contrast with the many other breach of contract lawsuits now being launched against the gallery, Mirvish contends that his Pollock is real. In fact, he was so sure of its authenticity that he bought another Pollock from Knoedler in 2007 for $4 million.
Mirvish bought the paintings under a complex agreement that was contingent on the gallery actively attempting to sell the works at a profit. Since the gallery has closed, they can’t uphold that part of the bargain, and it’s on those grounds that Mirvish is looking to sue for breach of contract. David Mirvish is a well-known art collector on a global scale and is no stranger to the world of fine art dealing.
You may never be dealing in works of art worth millions, but any purchase agreement involves contractual obligations. Do those obligations simply end when one of the parties to a contract goes out of business? In this economic climate, it’s a possibility we’re all faced with on a regular basis.
You shouldn’t be left with the short end of the stick when a business goes south and if you’re ever in that situation, you’ll need the help of experienced breach of contract lawyers.
Prevention is the Best Remedy
Before you sign on the dotted line – if you’re in the process or thinking of entering into a contract whether it involves a sale or employment, then contact our experienced breach of contract lawyers for advice. Clarity on the issues covered by a contract is your key to understanding your rights.
You only have a limited time to take action in a breach of contract case. If you think your rights under a contractual agreement are being disregarded contact Petrillo Law today for a free consultation with an experienced contract lawyer.
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Know your rights. Contact the breach of contract and disability lawyers at Petrillo Law today by calling (905) 949-9433. We look forward to hearing from you.