Title : An art collector has paid $6.4 million over the years for a Jeff Koons sculpture called “Balloon Venus Hohlen Fels (Magenta)" that may not even be in the process of getting made.
link : An art collector has paid $6.4 million over the years for a Jeff Koons sculpture called “Balloon Venus Hohlen Fels (Magenta)" that may not even be in the process of getting made.
An art collector has paid $6.4 million over the years for a Jeff Koons sculpture called “Balloon Venus Hohlen Fels (Magenta)" that may not even be in the process of getting made.
Now, he's suing, saying things like "'Ponzi meets The Producers" in the complaint, reports Courthouse News Service.“Defendants’ enterprise of ostensible civil corruption bleeds collectors of deposits and payments, drawing on their funding without supplying a product in exchange therefor,” the complaint states. “While the design, manufacture and completion of the so-called Jeff Koons sculptures wallow at best and are continually and fraudulently postponed by a factor of years and contracted collectors wait interminably for delivery, Larry Gagosian and Jeff Koons live extravagant lifestyles financed in part by inappropriate and highly questionable practices underwritten by plaintiff and other collectors.”My questions are: What were the terms of the contract you signed, you rich knucklehead? And: Is the complaint a work of art? And: Why can I never remember what an ouroboros is and have to look it up every damned time?
Tananbaum says the refusal of Gagosian and Koons to identify the foundry that is purportedly manufacturing the sculptures keeps collectors in the dark as they manufacture false hope. Meantime the money Gagosian and Koons leech from collectors through “brutal payment plans” is used to fulfill a host of other obligations including “the manufacture of sculptures or other contracted “artistic” obligations commissioned at an earlier date by similarly duped collectors and/or to line the pockets of defendants.”
“The ‘estimated completion dates’ supplied by defendants to the collectors are a sham from the very outset,” the complaint states. “Defendants have and had no intention of completing the sculptures according to a completion and delivery schedule. At heart, this interest-free loan system – unbeknownst to the collectors – is less about creating timeless works of art and more about creating an ouroboros by which defendants maintain a never-depleting source of funds at the expense of eager and trusting collectors.”
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