SDNY COURTHOUSE, April 6
-- In litigation about
Jean-Michel Basquiat's painting "Humidity," a stay pending
appeal was argued on April 6 before U.S. District Court
for the Southern District of New York Magistrate Judge
Valerie Figueredo. Inner City Press live tweeted it:
Athena Art Finance
Corp, appealing an order, has asked for a stay of
SatFinance taking it overseas and selling it.
Magistrate Judge
Valerie Figueredo: Isn't there some way to protected
Athena's interest without stopping SatFinance from doing
what it wants with the painting? Like, a bond? It sounds
like the market is hot for this painting, or Basquiat
generally
Athena's lawyer: We
would not oppose SatFinance posting a bond
Judge: In what amount?
Athena: Over $13 million
Judge: SatFinance?
SatFinance's lawyer: They have no ownership interest. If
they win in the 2d Circuit, they would have a security
interest
SatFinance's lawyer:
We, or I as the lawyer, get calls every week from
investors who want to see this art work. So this is
depriving us of opportunities.
Athena's lawyer: A secured interest is a property
interest, just like there. This is an in-rem
litigation
SatFinance's lawyer:
This painting has been in the equivalent of a storage
locker in Long Island City. We just want to move it to the
storage locker next door. The winning party should not
have to post a bond. They should, if they want a
stay
Athena's lawyer: They
never asked for possession before, that was Philbrick
[Note - Inner City Press covered the sentencing of Inigo
Philbrick to 84 months in prison]
Athena's lawyer: If
this were a house, we could just slap an lis pendens on
it. But art, it's a wild wild west. There is black market.
We face irreparable harm.
SatFinance lawyer: I hope they withdraw the reference to
any black market sale of the painting
Athena's lawyer: This
is a unique res... We can't insure a painting we don't
possess
SatFinance's lawyer: That's not true. They want the money.
That's all they want from this case.
Judge: Want if there were language that Athena would be
entitled to money damages?
SatFinance lawyer: Let
me check with the client
Judge: OK
Delhunty Fine Art: What is SatFinance holds money back if
it makes the sale, providing notice to us?
Judge: I appreciate you proposing that
More on X for
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The case is Athena Art
Finance Corp. v. that Certain Artwork By Jean-Michel
Basquiat Entitled Humidity, 1982, In Rem, 1:20-cv-4669
(Daniels / Figueredo)
