Star Artist’s Market Implodes After Collectors ‘Paid Too Much’
- Phillips pulls a Rudolf Stingel from auction, citing pandemic
- Lawsuit alleges it’s a ‘false pretense’ to obscure weak market
His brooding self-portraits and glittering abstractions used to be the must-have trophies for billionaires, celebrities and investors -- from Francois Pinault to Leonardo DiCaprio.
These days, Rudolf Stingel’s works are a hard sell. JN Contemporary Art, an entity affiliated with the Nahmad art dynasty, sued Phillips auction house for reneging on an agreement to include its painting by the Italian artist in a “major” auction, after guaranteeing it for $5 million.