{"id":31226,"date":"2019-01-31T16:13:10","date_gmt":"2019-01-31T21:13:10","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=31226"},"modified":"2019-02-28T07:05:51","modified_gmt":"2019-02-28T12:05:51","slug":"bargain-basement-bacon","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2019\/01\/bargain-basement-bacon\/","title":{"rendered":"Bargain-Basement Bacon"},"content":{"rendered":"<p>One and J Gallery (South Korea) is alleging that Christie\u2019s has done, what can best be described as, a \u201cbargain-basement sale\u201d of a Francis Bacon.\u00a0 According to the court documents, One and J consigned an unnamed Francis Bacon painting to the auction house to be sold privately, and as collateral for a loan of $4.9 million.\u00a0 One and J are claiming that the painting, originally valued at $10 million, was sold by the auction house for far less than its true market value to two high profile clients &#8211; Christophe van de Weghe and David Rogath.\u00a0 It has also been alleged that van de Weghe and Rogath were interested in buying works in an upcoming auction and the preferred price for the Bacon was used to entice them to bid.\u00a0 Reports also state that One and J offered to pay $6.8 million for their Bacon (which was more than van de Weghe and Rogath were paying) and that the proceeds from an Andy Warhol they consigned for an upcoming sale would be used to repay their loan &#8212; Christie&#8217;s declined their offer.<\/p>\n<p>In September, Christie&#8217;s notified One and J that they were in default of their loan and auction house was entitled to sell the Bacon \u201cunder any terms, at any time, as we see fit.&#8221;\u00a0 What is interesting is that it took them about two weeks to find a buyer at the reduced price.<\/p>\n<p>On January\u00a04, 2019, One and J filed suit against van de Weghe and Rogath.\u00a0 Christie\u2019s spokeswoman Lara Messerlian stated that &#8220;Christie\u2019s sale of the collateralized painting (Bacon) at fair market value was an appropriate remedy after years of non-payment, defaults, and months-late payments on interest-bearing advance agreements,\u201d.\u00a0 A judge signed off on a standstill order &#8212; so it seems that a settlement might be in the works.<\/p>\n<p>Gotta love these backroom deals!<\/p>\n<p>Source:\u00a0<em><a href=\"https:\/\/www.courthousenews.com\/christies-sale-of-francis-bacon-painting-draws-suits\/\" target=\"_blank\" rel=\"noopener\">Christie\u2019s Sale of Francis Bacon Painting Draws Suits<\/a><\/em><\/p>\n<p>Source:\u00a0<em><a href=\"http:\/\/artasiapacific.com\/News\/SouthKoreanGallerySuesChristiesForSellingFrancisBaconPaintingInBadFaith\" target=\"_blank\" rel=\"noopener\">SOUTH KOREAN GALLERY SUES CHRISTIE\u2019S FOR SELLING FRANCIS BACON PAINTING IN BAD FAITH<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One and J Gallery (South Korea) is alleging that Christie\u2019s has done, what can best be described as, a \u201cbargain-basement sale\u201d of a Francis Bacon.\u00a0 According to the court documents, One and J consigned an unnamed Francis Bacon painting to &hellip; <a href=\"https:\/\/rehs.com\/eng\/2019\/01\/bargain-basement-bacon\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":4,"featured_media":31277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,32],"class_list":["post-31226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-the-dark-side"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bargain-Basement Bacon - Rehs Galleries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2019\/01\/bargain-basement-bacon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bargain-Basement Bacon\" \/>\n<meta property=\"og:description\" content=\"One and J Gallery (South Korea) is alleging that Christie\u2019s has done, what can best be described as, a \u201cbargain-basement sale\u201d of a Francis Bacon.\u00a0 According to the court documents, One and J consigned an unnamed Francis Bacon painting to &hellip; 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