Joe Simon-Whelan, owner of a purported Andy Warhol Self Portrait synthetic polymer paint on canvas has asked Judge Laura Swain to allow questions of aging witnesses in his $20 million lawsuit, Simon v. The Andy Warhol Foundation for the Visual Arts Inc., 07-CV-6423, Southern District of New York.
Without an Authentication Opinion from the Andy Warhol Warhol Art Authentication Board, Mr. Simon-Whelan's purported Andy Warhol 1964 Canvas Self Portrait is essentially worthless and not salable.
By contrast, with an affirmative Authentication opinion, the 24 x 20 inch synthetic polymer painting will instantly green light a multi-million dollar sale for Mr. Simon-Whelan.
Mr. Simon-Whelan has owned the purported Andy Warhol Painting since 1989. Simon-Whelan paid $195,000., for the Self Portrait purchased from Michael Hue-Williams, a London based art dealer. Previously the painting had sold at Christie’s New York for $28,600 in November, 1987; the Christie’s catalogue stated that the painting's provenance as Acquired directly from the artist.
In 1989, Mr. Simon-Whelan purchased the well documented painting as a bona-fide "Andy Warhol", and had no reason to think otherwise.
In the 20 year interim, the art market in general and Andy Warhol, specifically, has experienced extraordinary growth with record prices.
In May 2007, Christie's NY sold the Andy Warhol Green Car Crash Painting, for a record price of $71 million, the highest price ever paid at public auction for an Andy Warhol painting.
Simon-Whelan's purported Andy Warhol Self Portrait was initially authenticated by Fred Hughes, the Executor of the Estate of Andy Warhol, consistent with the authentication procedure in effect by the Warhol Estate.
In fact, the painting had not only been inspected by Hughes, but also authenticated. Mr. Hughes, confirmed the initial authentication by the Estate of Andy Warhol by placing his "signature hand written legend" on the canvas overlap, which states "I certify that this is an original painting by Andy Warhol completed by him in 1964.”
The Fred Hughes Authentication was created prior to the creation of the formal Authentication Opinion Procedure administered by the Andy Warhol Art Authentication Board.
It is not uncommon for certain Andy Warhol paintings to have multiple authentication on the verso; including any of the following: Fred Hughes; The Estate of Andy Warhol; The Andy Warhol Foundation For the Visual Arts, NY and the Andy Warhol Art Authentication Board.
Subsequent to the Estate of Andy Warhol Authentication by Fred Hughes, the canvas was later submitted for an Authentication opinion to the Andy Warhol Art Authentication Board, in 2001 and 2003.
Each time the Simon-Whelan Self Portrait was submitted, the painting was also stamped with a “Denied" Legend, indicating the purported Andy Warhol is not, in its opinion, a Work of Art created by Andy Warhol.
As a result of these unfavorable decisions, the market value of the Simon-Whelan canvas is paralyzed. As claimed in his lawsuit, Mr. Simon-Whelan lacks the requisite Authentication confirmation to allow and confirm documentation as an "Andy Warhol Original Work of Art", so that he may transfer title for $2 million.
A positive ruling by Judge Swain would have enormous impact. It would immediately add several million dollars in market value, and give Mr. Simon-Whelan the necessary validation to sell the painting.
The Simon-Whelan Warhol lawsuit demonstrates the necessity of establishing a relationship with a professional art dealer, similar to the process of determining the right lawyer, nanny or real estate broker.
Double Denied (Again)
No comments :
Post a Comment