ArtCollector

Stefan Simchowitz settles lawsuit with artist

Controversial art collector/dealer Stefan Simchowitz and Dublin dealer Jonathan Ellis King have settled their ongoing legal case with Ghanaian artist Ibrahim Mahama. The terms of the settlement, which was reached on May 4, are confidential, but all parties will cover their own legal fees.

The battled stemmed from Mahama’s claims that Simchowitz and King were selling inauthentic artworks in his name. The dealers sued on a number of counts, including breach of contract, fraudulent inducement, commercial disparagement, and unfair competition.

Here's why this small painting costs $20 million

This month, New York will once again host a “gigaweek” of postwar, impressionist, modern, and contemporary art auctions, where hundreds of millions of dollars’ worth of paintings and sculptures will sell every night for five days in a row.

The current narrative sending jitters through the art world is that the market, especially at the high end, is experiencing “a correction,” which is a polite way of saying that wildly expensive paintings are becoming slightly less so. Still, the evening auctions have more than enough multimillion-dollar, museum-quality artworks that will (if they sell) quiet naysayers—at least for now.