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International Edition
May 19, 2013 Last Updated: 3:21:PM EDT

Disgraced Art Collector Halsey Minor Wins Some, Loses Some

Disgraced Art Collector Halsey Minor Wins Some, Loses Some

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by ARTINFO
Published: May 25, 2010
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Just weeks after netting $21.1 million at Phillips de Pury through a single-collector sale of 22 of his works  — with an additional chunk of change brought in by his lesser holdings — the troubled art collector Halsey Minor has come out ahead in his ongoing battles with the other two major auction houses.While he lost one bout, he won the bigger one to the tune of a $1.9 million profit.

First the loss: A Manhattan federal judge has ruled that Minor owes Sotheby’s $6.6 million to pay for paintings that he won at auction and never paid for. The ruling cleared the way for the city’s sheriff to confiscate and sell any assets that the former Internet entrepreneur holds in an attempt to make good on the overdue payment. Compounding his troubles, Minor has also been ordered to give a deposition on Thursday regarding the collapse of his onetime $100 million-plus fortune that he made through the sale of CNET.com at the height of Internet bubble.

 

Now the gain: A San Francisco jury found that Christie’s owes Minor a little more than $8.5 million for delaying the return of Richard Prince paintings that he had consigned to the auction house in 2008, at the height of the art-market boom (see a pattern?). At the time, Minor owed Christie’s $12 million for works he had won at auction, and the auction house apparently hoped to hold the Prince paintings as leverage despite Minor’s repeated requests for their return. Minor sued after the art market's collapse at the end of 2008, alleging that Christie’s had prevented him from cashing in while he could.

Market News, Contemporary Arts, Art Market, Postwar & Contemporary Art
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