Collector Who Paid $13M Sues Jeff Koons and Gagosian
Steven Tananbaum claims he has paid more than $13 million since 2013 for three sculptures, none of which have been delivered.
Art collector, Museum of Modern Art trustee, and asset manager Steven Tananbaum is suing Jeff Koons and Gagosian Gallery, alleging that they failed to deliver three sculptures on which he has made payments totaling over $13 million since 2013.
The complaint, an exceptionally verbose legal document filed today in New York Supreme Court and first reported by Bloomberg, accuses Koons’s studio (Jeff Koons LLC) and Gagosian of knowingly deceiving collectors into paying millions in deposits and installments for technically complex sculptures whose projected delivery dates “are a sham from the outset.”
“Instead of manufacturing the sculptures by the initial estimated date of completion, Defendants manufacture false hope,” the suit, filed by Tananbaum’s attorney Aaron Richard Golub, states. “They breed a false sense of urgency to secure as many millions of dollars in deposits and payments as they can.” The complaint adds: “At heart, this interest-free loan system — unbeknownst to the collectors — is less about creating timeless works of art and more about creating an ouroboros by which Defendants maintain a never-depleting source of funds at the expense of eager and trusting collectors.”