In re Estate of Andy Warhol
In the Matter of the Estate of Andy Warhol, Deceased (N.Y. Surr. Ct. Apr. 18, 1994), rev'd, 629 N.Y.S.2d 621 (Surr. Ct. 1995), aff’d in part and modified in part, 637 N.Y.S.2d 708 (App. Div. 1996).
This highly publicized case stemmed from a dispute over legal fees owed by the estate of American Pop artist Andy Warhol to Edward Hayes, the estate’s attorney. The retainer agreement between Hayes and the estate was initially based on the value of the estate, which the parties disputed: Christie’s, the estate’s appraisers, estimated its value at $220 million, while Hayes’ experts believed it to be valued at $827 million. As a preliminary matter, the court was required to determine the fair market value of the Warhol estate, considering . . . .