Friday, January 18, 2008

"The current stipulation does not address any question of title"

Bloomberg's Philip Boroff reports that "Lawrence Salander ... will allow his bankrupt gallery to move 231 artworks from his two homes to the gallery and to a warehouse for safekeeping. The agreement was disclosed in a [bankruptcy court] hearing yesterday .... [T]he agreement doesn't settle whether Salander owns the art he's turning over."

Boroff adds that lawyers involved in the case say "selling art in the homes or gallery to pay creditors isn't imminent. The bankruptcy court has yet to sort out who owns what among the collectors, artists, heirs and museums that have sued Salander and his gallery to recover money and art they claim they're owed."