A suit filed against the brothers on August 12 by Stair Galleries in Hudson, New York over an unpaid bill of $287,214 for lots purchased in April is the latest in a series of legal actions that have been taken against the brothers over the past four months.
‘Temporary liquidity issue’
When news of a suit over a six-figure bill owed to New Orleans Auction Galleries (NOAG) emerged in July, the brothers’ lawyer called it “a temporary issue of liquidity, unprecedented for them but hardly unheard of in the auction business”.
With the exception of a single $70,000 payment to the New Orleans firm, the total bill of nearly $350,000 for 230 lots remains outstanding.
The brothers were also sued by Kamelot Auctions in Philadelphia after a slow turnaround on a $200,000 bill at a May sale, which they have now paid in full.
The brothers continue to insist that payment on all debts will be forthcoming and that they have been the victims of bad luck with clients backing out of sales.
