It seems as thought Mana Contemporary is preventing the Mugrabi family from removing any of their art from a storage facility in New Jersey. According to Mana, Mugrabi owes them more than $500,000 in storage fees. Mugrabi claims that Mana agreed to store their art in exchange for recommending their services to others and that Mana has damaged 11 works in their possession. As you might have guessed, this matter is now going to court.
If the Mugrabi works in their storage facility are worth over $100M, then why is Mana holding all of them hostage? I think holding one nice Basquiat or Andy Warhol would be enough!
Source: Major Warhol Collector Says Art Stash Being ‘Held Hostage’ – Bloomberg