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Family Bickering – All About Greed And Control!

June 9, 2018

Basquiat

Just when we thought this book was closed, another chapter emerges. Last month, Hubert Neumann tried to stop the sale of a Basquiat that his daughter, Belinda Neumann-Donnelly, was trying to sell at Sotheby’s. (You Cannot Sell The Basquiat … Oh, Yeah? We’ll See About That) Now, his daughter is claiming that her father’s action negatively affected the work’s final selling price — it only made $30.7M. (Told You I Could Sell The Basquiat!) Only $30.7M?  What is she going to do now? Sue, of course!

On June 7th, Belinda brought an action against her father to the tune of $100M; claiming the painting should have made $45M. Now here is the real greedy and controlling part. Mr. Neumann’s father (Morton G. Neumann) amassed one of the greatest art collections with works by Picasso, Warhol, Giacometti, Dubuffet, etc.; a collection valued at more than $1B.  The artwork is now owned by two family trusts which Mr. Neumann manages.  Did he really need the proceeds from the Basquiat sale? Mr. Neumann, and the Neumann family — get a life!

Source: Daughter Sues Father for Trying to Block Sale of a Basquiat – The New York Times

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