In the Matter of Richard L. Feigen & Co.
In the Matter of Richard L. Feigen & Company, Inc., No. 824996, (N.Y.T.C, July 22, 2014), aff'd DTA No. 824996 (2014).
This case illustrates the inherent incompatibilities between statutory time limits on legal remedies and the time that it may actually take to discover an artwork’s inauthenticity. Seven years after a New York art gallery sold a painting that it believed to be by German Surrealist Max Ernst, the work was determined to be a fake. Although the gallery promptly reimbursed the purchaser and filed for a sales tax refund...