Wildenstein & Co., Inc. v. Wallis
Wildenstein & Co. v. Wallis, 756 F. Supp. 158 (S.D.N.Y. 1991), question certified, 949 F.2d 632 (2d Cir. 1991), certified question answered, 595 N.E.2d 828 (N.Y. Ct. App. 1992), rev’d without opinion, 983 F.2d 1047 (2d Cir. 1992).
See also: Wildenstein & Co. v. Wallis, No. 89-CV-3187 (S.D.N.Y. June 29, 1994) (stipulation and order of dismissal on remand).
The wife of the California collector Hal B. Wallis arranged, unbeknownst to him, to use a painting by Claude Monet and another by Paul Gauguin as collateral for a loan. Through intermediaries, the Wildenstein Gallery in New York acquired the paintings in 1981. Wallis negotiated their return in exchange for monetary compensation and granting the gallery preemptive rights . . . .