The Family trust led by the Connecticut collector George A. Weiss which owned a Francis Bacon painting sued Christie`s Inc on Friday, saying the company reneged on a minimum price guarantee of USD 40 million.
The lawsuit, filed in US District Court in Manhattan, alleged Christie`s reached a minimum price guarantee regarding the sale of Bacon`s “Study for Self Portrait” and has refused to pay the minimum guarantee. Christie`s is the US unit of Christie`s International PLC.
An agreement was struck in late July, but by September, after the auction house already had the painting, Christieâ€™s said it would no longer honor the guarantee because of the faltering global economy.
The painting failed to sell at Christie`s November 2008 Post War and Contemporary Art sale, according to the lawsuit.
The lawsuit is seeking USD 40 million, plus interest and damages.