Mary Boone Gallery is suing an Ohio collector in an attempt to compel her to complete her purchase of a painting, Artnet reports.
Mary Kidder, a trustee of the Columbus Museum of Art, first saw the painting in question, a piece by Will Cotton, at Mary Boone's booth at Art Basel Miami Beach 2008. The work, Ribbon Candy, was priced at $50,000, but the gallery sold it to Kidder at a discounted price of $32,000, "in recognition of Kidder's prominence in the art world and the gallery's desire to do business with her."
According to the suit, Kidder agreed to buy the painting and was sent an invoice. Two weeks later, however, she changed her mind and canceled the transaction. Mary Boone is now arguing that there was a "binding contract" for the purchase and that Kidder must either complete the purchase or compensate the gallery for the $30,000 it already paid Cotton.
The suit, which was filed in early February, remains unsettled. According to New York attorney John Koegel, who represents neither party in the dispute, the gallery's argument contradicts both regular commercial practice and rules covering purchases over $500.
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