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Marian Goodman’s Gerhard Richters Total $78.8 Million in $162.7 Million Christie’s Sale

Christie’s 21st-century evening sale in New York on Wednesday achieved $162.7 million, its highest total in the category since 2021. The sale featured eight works from the collection of the late dealer Marian Goodman by Gerhard Richter, which together sold for $78.8 million, nearly half the evening’s haul. Richter’s photorealistic candle painting *Kerze (Candle)* (1982) hammered at $30 million, below its $35 million low estimate, but still set a new auction record for the series. Other Richters performed strongly, with six of seven exceeding high estimates, including *Mohn (Poppy)* (1995) at $20.1 million. A modest Basquiat work on paper, *Asbestos*, sold for $6.54 million, and one lot by Ed Ruscha was bought in.

Art Lender Accuses Maddox Gallery of Inflating Value of Art Used as Collateral—’Bizarre and Irrational’ Claim, Says Gallery

Luxury Asset Capital (LAC) has filed a civil complaint in the US District Court for the Southern District of New York accusing Maddox Gallery of inflating the value of artworks used as collateral for loans. The dispute stems from a 2023 deal in which Maddox provided substitute collateral—works by Duncan McCormick and Albert Willem—in exchange for a George Condo painting previously held by LAC. LAC alleges that Maddox engaged in a "pump and dump" scheme, artificially bidding up auction prices for McCormick and Willem works to 10–15 times pre-sale estimates, then using those inflated values to justify trades. After the alleged bid-rigging stopped, auction prices fell, and LAC claims it is left with works worth only a fraction of what Maddox represented. Maddox Gallery co-founder Nick Sharp denies the claims as "bizarre and irrational," calling the lawsuit a baseless attempt to unwind a voluntary agreement.