OK - now at hearing about possession of Jean-Michel Basquiat's "Humidity." Athena Art Finance Corp, appealing an order, has asked for a stay of SatFinance taking it overseas and selling it. Inner City Press will live tweet, thread below
Magistrate Judge Valerie Figueredo: Isn't there some way to protected Athena's interest without stopping SatFinance from doing what it wants with the painting? Like, a bond? It sounds like the market is hot for this painting, or Basquiat generally
Athena's lawyer: We would not oppose SatFinance posting a bond
Judge: In what amount?
Athena: Over $13 million
Judge: SatFinance?
SatFinance's lawyer: They have no ownership interest. If they win in the 2d Circuit, they would have a security interest
SatFinance's lawyer: We, or I as the lawyer, get calls every week from investors who want to see this art work. So this is depriving us of opportunities.
Athena's lawyer: A secured interest is a property interest, just like there. This is an in-rem litigation
SatFinance's lawyer: This painting has been in the equivalent of a storage locker in Long Island City. We just want to move it to the storage locker next door. The winning party should not have to post a bond. They should, if they want a stay
Athena's lawyer: They never asked for possession before, that was Philbrick
[Note - Inner City Press covered the sentencing of Inigo Philbrick to 84 months in prison: innercitypress.com/sdny63bsteinph…
And see news.artnet.com/art-world/judg…
Athena's lawyer: If this were a house, we could just slap an lis pendens on it. But art, it's a wild wild west. There is black market. We face irreparable harm.
SatFinance lawyer: I hope they withdraw the reference to any black market sale of the painting
Athena's lawyer: This is a unique res... We can't insure a painting we don't possess
SatFinance's lawyer: That's not true. They want the money. That's all they want from this case.
Judge: Want if there were language that Athena would be entitled to money damages?
SatFinance lawyer: Let me check with the client
Judge: OK
Delhunty Fine Art: What is SatFinance holds money back if it makes the sale, providing notice to us?
Judge: I appreciate you proposing that
Break - story later
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