Perelman wages legal war with gallery over painting: NY Post

Larry Gagosian (L) and Ron Perelman (R).
The Image Gate | Getty Images (L) | CNBC (R).
Larry Gagosian (L) and Ron Perelman (R).

Two wealthy fixtures on New York's social scene are going to war over a painting worth millions, the New York Post reported on Monday.

Billionaire Ron Perelman is suing gallery owner Larry Gagosian, his former friend, over an April 2011 agreement to sell a piece of artwork. Perelman contends that he expressed to the gallery owner a desire to purchase a Cy Twombly painting called "Leaving Paphos Ringed with Waves," for a quoted price of $8 million.

Gagosian, however, sold the work to another party—who put it back on the market only months later. Perelman bought it for $10.5 million, but didn't think the price was fair and promptly filed suit, the Post reported. Perelman is arguing that Gagosian conspired with the artist and his sons to manipulate the art market, the newspaper added.

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