Thursday, December 26, 2019

"Court Orders Art Dealer Asher Edelman’s Company to Pay $1 Million in the Botched Sale of a Keith Haring Painting"

Story here. Decision (on summary judgment) here. After receiving an invoice, Edelman wrote to the seller, "As thirty days from your invoice will pass tomorrow, I need to cancel the transaction because of non-payment to me," but the Court points out in its decision that that's not a thing: "While Edelman's notice of cancelation hints at some legal right to do so … Edelman testified at his deposition that he understood 'there's no specific law' authorizing his cancelation. Rather, it was Edelman's understanding that '[t]radition in the industry' permitted such cancelations."