A proceeding, including a alleged dispute between the two collectors, has been settled over the $ 700,000 sale behind the scenes of Cecily Brown’s paintings.
In a proceeding filed in the Miami-Dade County Circuit Court in March 2021. Bloomberg, Collector Michael Xufu Huang, claimed that Federico Castro Debernardi violated the terms of the sales agreement, including the brown painting. Huang sought $ 1.3 million, accusing Debernardi of “reputation damages.”
On Wednesday, Huang’s lawyer Wendy J. Lindstrom said ARTnews The two collectors have agreed to settle the proceedings. “This issue stems from a misunderstanding, but they look forward to working together again in the future,” she said in a statement. Lindstrom refused to state the terms of the settlement that had not yet been submitted. A representative of Debernardi’s lawyer, Luke Nikas, confirmed that the settlement was underway, but declined to comment further.
According to the exhibits filed in the proceedings, Huang and Debernardi signed a contract for brown paintings in 2019. Other exhibits filed during the proceedings show that there was also an agreement between Huang and Debernardi to support the purchase of Harold Anchort and Nicholas Party’s work. According to the terms of these contracts, Huang was to buy a particular piece and sell it to Debernardi. De Bernardi is prohibited from reselling his work within 3 years and has a 10% commission.
With the opening of the X Museum in Beijing in 2020, Huang regularly attends international art fairs and other important art events by up-and-coming artists such as Luyan, Amalia Ulman, Gillian Wearing and Austin Lee. A collection of cutting-edge art. .. “Everywhere in the world, we come across Michael attending panels and professional art events,” said Lisa Phillips, director of the New Museum, whose fans are members of the International Leadership Council. ARTnews In 2017.
Like Huang, Debernardi has been regarded as a rising star in the art world in recent years. 2017, Apollo Putting him on the “40 Under 40 Global” list, he appeared on the “Next GenArt Collectors” list last year. List of rallies.. In 2016 he launched Fundación Arte. It states that Debernardi wants to use it to enhance the reputation of the Argentine art scene where he was born.
Huang said BloombergHe first reported the proceedings news on Wednesday, saying he was trying to “favor” Debernardi by using his influence to gain access to Debernardi’s work. “Thus, I have access to far more artists and galleries than Mr. Debernardi, who can’t buy the artwork himself,” fans said in an affidavit.
Based on the exhibition, Huang seems to have purchased Brown’s 2019 paintings Fairy Feller From the Polar Cooper Gallery during that year’s edition of Art Basel Miami Beach. Huang charged the artwork $ 700,000, an additional $ 70,000 fee, and $ 3,700 to fund a trip from China to the trade fair.
The problem is said to have started when Paula Cooper Gallery sent an email to Huang saying that the gallery heard from Levi Goby, who was part of a recent deal. Fairy Feller.. In a text message conversation entered as an exhibit, Huang sends a message to Debernardi, “I’m always by your side, and now you’re at the forefront of all this drama.” .. Debernardi replies, “Stop the drama.”
In another filing, Nikas counterattacked Huang, whom he called “Flipper.” Nikas was about to move the case to Monaco, where Debernardi is based.
“”[Huang] If you want access to your work, sell it to a private third-party collector, forcing the artwork to immediately “turn over” and accept more restrictive anti-competitive conditions. .. Nikas wrote. “And when his own tort is revealed, he tries to pass the loss from his tort to the collector he manipulated to first agree to his illegal anti-competitive conditions. That is the content of this case. The plaintiff does not deserve sympathy or reimbursement from this court. “