Back in our Volume 209 Comments on the Art Market, we briefly touched upon a suit filed against Gagosian Gallery by contemporary art collector, Steve Tananbaum. According to multiple reports, Tananbaum purchased 3 works by Jeff Koons through Gagosian… after several years and delivery extensions have yet to be delivered.
Since then, Tananbaum has switched lawyers and filed another suit; Gagosian responded with a motion to dismiss. Gagosian claims that Koons is a “perfectionist” and that the estimated delivery dates are “often extended by multiple years.” Furthermore, after Tananbaum’s original purchase of Magenta Balloon Venus, back in September 2013, and a 2+ year extension on the estimated completion date, Tananbaum agreed to purchase two more works with an “estimated” delivery date.
Tananbaum’s new lawyer states: “Gagosian’s tactics of selling multiple works for millions of dollars and then picking and choosing whether or not to deliver them on time, are unfair to buyers,” and “For Mr. Tananbaum this lawsuit is a matter of principle.”
…I guess the delivery dates will remain, TBD.