The Christie’s Auction House was sued by billionaire collector and investor Sasan Ghandehari, after the purchase of the work Woman in a rocking chairby Pablo Picasso, with guaranteed value of £ 14.5 million (about R $ 94 million).
The action was filed by the company Brewer Management Corporation (BMC), controlled by Ghandehari and recorded on the British Virgin Islands.
The dispute revolves around the provenance of the work, a decisive factor for its market value and future liquidity. According to the action, Christie’s would have omitted that the painting had previously belonged to José Mestre SR, Spanish businessman convicted of international cocaine trafficking.
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According to the lawsuit, the work was owned by José Mestre SR, arrested in 2014 after the seizure of 202 kg of cocaine on a cargo ship. At the time of sale, the work was under the possession of his son, José Mestre Jr, a fact confirmed by Christie’s herself after the auction.
Ghandehari states that he would never have signed the warranty contract if he knew the connection of the work with the family’s criminal history. According to him, he would not accept “any amount of his money being directed to Master SR or to people linked to him.”
The BMC had signed a warranty contract with Christie’s, which provided for an advance of £ 4.8 million. The buyer now seeks to compensate the amount paid.
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Contract is legitimate
In response, Christie’s denied any irregularity and classified the process as an attempt to break a valid agreement. The house claimed that it has fulfilled all legal and regulatory obligations and stated that Ghandehari is a sophisticated and long -acting buyer in the art market.
“This is a simple process of collection. Christie’s has fulfilled its duty of diligence regarding the work and the consigner,” the house said in an official statement.
Provenance and reputational risk
The dispute rekindles the debate on legal and reputational risks linked to the provenance of works of art. High value business involving pieces with illicit or dubious history can compromise resale, affect collections and tarnish investor reputation.
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According to the lawsuit, an Christie’s executive would have informally said to Ghandehari that Master Sr was dead, which was not true. The collector claims to have discovered the conviction through a simple online search.
