Tuesday, November 13, 2012

Art of the deal

“Sometimes you will show somebody something. It’s not like you’re actually offering it for sale. You’re trying to see if somebody might be interested in something. This is a very common practice for art dealers.” (Page30 lines 4-10)
“There are times when I or other dealers will show somebody something to see if they might be interested in making a bid on it, and then contacting the owner of that painting to see if we can make a deal.” (Page 30 lines 16-21)
Q: “The question is, do you ever represent the buyer and seller on the same sales transaction on consignment without actually telling the buyer and seller that you are representing both sides of the deal?
A: I don’t necessarily tell them explicitly. I think it is implied in many transactions.
Q: Is the answer to my question that yes, you’ve done that, without explicitly telling both sides you’re representing both sides?
A: To be honest with you, the question hardly ever gets asked. I never get asked the question are you representing both sides. The question doesn’t come up.
Q: Whether or not it’s asked have you done that, represented both sides of the deal on a consignment transaction without telling the buyer and seller respectively that you’re representing both sides?
A: Yes, I have
Q: Have you done it frequently for a number of years?
A: Yes (Page 151-52 lines 10-25, 2-16)
In the State of New York’s Supreme County court in Manhattan art dealer Larry Gagosian reveals all as he gives his videotaped deposition during a lawsuit involving the sale of a disputed Roy Lichtenstein enamel Girl in mirror. You can read the entire deposition here.