"They've bought and sold masterpieces for a client list that, by their own telling, has included Tom Cruise, Steven Spielberg, Sony, and Coca-Cola. But after 37 years of working together as celebrity art advisors, former partners Barbara Guggenheim and Abigail Asher have spent the past year in a bitter legal battle, accusing each other of fiscal and ethical misconduct. The litigation, based in state court in Manhattan, shows no sign of slowing down, though the next court date, originally Thursday, has been postponed until October 16."
"More than a hundred motions, notices, and decisions have been publicly filed in the matter so far. Most of the conflict will play out in private, though. One of the few things the sides agree on is that thousands of pages of evidence must remain sealed or heavily redacted to protect confidential client data involving multimillion-dollar art transactions. At the center of the paperwork pile"
"Each says the other misappropriated commissions, acted unethically toward clients, and splurged on personal expenses on the company dime. Guggenheim filed suit first, in August 2024, accusing Asher of using the firm as a "personal piggybank," siphoning off $650,000 for restaurant meals, a "luxury custom carpet," grocery bills, home repairs - including $19,500 for a new roof - and trips to Europe and Asia."
Two longtime partners at a celebrity art advisory firm are embroiled in dueling lawsuits in Manhattan alleging extensive financial and ethical misconduct. More than a hundred public filings exist, while thousands of pages of evidence remain sealed to protect client confidentiality. Each partner accuses the other of misappropriating commissions, abusing company funds, and charging personal expenses. Allegations include siphoning $650,000 for meals, carpets, groceries, and travel, and spending on funerals, luxury vehicles, vacations, and other personal costs. The litigation has generated hundreds of motions, remains pending with postponed court dates, and has fractured a 37-year partnership that served high-profile clients.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]