The art industry is so unregulated that it leaves many of the art deals that take place up for debate. The value of certain artworks are undeniable based on the sale of other artworks from the same artist and Belinda Donnelly believed that she would be pulling in over one hundred million dollars by putting her Jean-Michel Basquiat painting up for auction.
The painting, which was part of her mothers estate, was initially purchased in 1983 for fifteen thousand dollars and resold for 30.7 million dollars. Thirty million dollars is very disappointing considering the one hundred million dollar appraisal. Belinda brought the disappointing result to the Supreme Court claiming that it is the fault of her father for the poor return on the Basquiat painting. She states that her father was the one who put into action an evil scheme which depreciated the value of her mothers estate’s most promising asset.
It was at Sotheby’s Auction in New York who put the piece up for auction at twenty four million and sold it for twenty seven million which worked out to thirty million dollars with expenses. The Basquiat painting titled Flesh and Spirit was purchased the same year that it was created by Belinda’s mother and the auction house reported that the painting had been poorly treated and was extremely damaged.
Belinda is making an effort to use the fact that her mother wrote her husband out of her will as grounds for the courts to understand he was the cause of this piece depreciating. Her mother describes her husband as abusive but never specifies that he damaged that painting. Her father placed a complaint a few weeks before with Sotheby’s claiming that he has partial ownership of the piece which scared off buyers. She has a lot of work a head of her.