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, Christie’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.