`Imperious Demands' of Investor Cited in Dismissal Bid

(Bloomberg) -- A Wall Street art collector suing a prominent gallery and artist Jeff Koons for allegedly cheating customers by failing to deliver his works on time is just an impatient millionaire, the gallery said in asking a judge to throw out the suit.

`Imperious Demands' of Investor Cited in Dismissal Bid

The collector, GoldenTree Asset Management LP Chief Investment Officer Steven Tananbaum, a major investor in distressed debt, sued in April over the non-delivery of three sculptures, claiming the gallery and the artist take deposits and payments while delaying delivery. On Wednesday, Gagosian Gallery asked a New York state judge to dismiss the suit, saying it has fulfilled its agreements.

`Imperious Demands' of Investor Cited in Dismissal Bid

"The imperious demands of a multimillionaire who no longer wants to wait cannot trump the plain and unambiguous language of the purchase agreements, which do not require Mr. Koons to create the works by any specified deadline," the gallery said in its filing.

Larry Gagosian’s global network of galleries stretches from Hong Kong to Los Angeles. His business has generated more than $1 billion in annual sales, according to the Wall Street Journal.

The case is Tananbaum v. Gagosian Gallery, 651889/2018, New York State Supreme Court, New York County (Manhattan).

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