{"id":40215,"date":"2020-07-29T06:00:21","date_gmt":"2020-07-29T10:00:21","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=40215"},"modified":"2020-07-28T20:55:21","modified_gmt":"2020-07-29T00:55:21","slug":"nahmad-vs-phillips-more-legal-matters","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2020\/07\/nahmad-vs-phillips-more-legal-matters\/","title":{"rendered":"Nahmad vs. Phillips &#8211; More Legal Matters"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2019\/01\/Tales-from-the-dark-side.jpg\"><img decoding=\"async\" class=\"size-medium wp-image-31277 alignleft\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2019\/01\/Tales-from-the-dark-side-300x169.jpg\" alt=\"Tales from the dark side\" width=\"300\" height=\"169\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2019\/01\/Tales-from-the-dark-side-300x169.jpg 300w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2019\/01\/Tales-from-the-dark-side.jpg 560w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>The Nahmad family is back in the news, this time, with the youngest of the art dealing clan, Joseph Nahmad. According to a complaint filed on June 9th in New York, Joseph Nahmad is suing Phillips auction house after a \u201cguaranteed\u201d deal involving a Rudolf Stingel and Jean Michel Basquiat went south. Nahmad claims that he placed an irrevocable bid for \u00a33 million on the Basquiat and, in return, would receive a guarantee of $5 million on his Rudolf Stingel, which was to be offered in their upcoming May auction.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When the world took a turn for the worst, and the COVID-19 pandemic took its toll on the market, Phillips removed the guarantee from the Stingel; however, Nahmad stayed true to his previous irrevocable bid (though he did not end up buying the work which sold for \u00a33.8M) . Nahmad is seeking at least $7 million for the reneged deal; claiming that the auction house is using the pandemic as a cover for their true reason of the breach &#8212; the fact that Stingel\u2019s market crashed after a bunch of speculative deals &#8212; one of which included disgraced art dealer Inigo Philbrick: read more about Philbrick <\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/rehs.com\/eng\/2019\/11\/inigo-philbrick-more-art-world-greed\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">here<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/rehs.com\/eng\/2020\/04\/kenny-schachter-duped-by-inigo-philbrick\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">here<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Phillips has not commented on the suit, but in WhatsApp messages between Phillip\u2019s CEO, Leonid Friedland, and Nahmad, he stated\u00a0<\/span><em><span data-preserver-spaces=\"true\">that the guarantee could be canceled, in the case of \u201cnatural disaster, fire, flood, general strike, war, terrorist attack\u2026 or chemical contamination\u2026\u201d\u00a0<\/span><\/em><span data-preserver-spaces=\"true\">and offered to include the work in their July Sale with\u00a0<\/span><em><span data-preserver-spaces=\"true\">a \u201cstripped down\u201d agreement that eliminated the guarantee<\/span><\/em><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One more little interesting tidbit &#8230; it appears that Leonid Friedland was the owner\/seller of the Basquiat.<\/span><\/p>\n<p>Source: <em><a href=\"https:\/\/news.artnet.com\/art-world\/entity-linked-dealer-joe-nahmad-sues-phillips-failed-5m-deal-stingel-painting-1892842\" target=\"_blank\" rel=\"noopener noreferrer\">An Art-Dealing Dynasty Heir Sues Phillips Auction House for Reneging on a Deal After the Artist\u2019s Market Took a Tumble<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nahmad family is back in the news, this time, with the youngest of the art dealing clan, Joseph Nahmad. According to a complaint filed on June 9th in New York, Joseph Nahmad is suing Phillips auction house after a &hellip; <a href=\"https:\/\/rehs.com\/eng\/2020\/07\/nahmad-vs-phillips-more-legal-matters\/?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":[269,386,32],"class_list":["post-40215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-legal-matters","tag-tales-from-the-dark-side","tag-the-dark-side"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nahmad vs. Phillips - More Legal Matters - 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\/2020\/07\/nahmad-vs-phillips-more-legal-matters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nahmad vs. Phillips - More Legal Matters\" \/>\n<meta property=\"og:description\" content=\"The Nahmad family is back in the news, this time, with the youngest of the art dealing clan, Joseph Nahmad. 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