A Belgium art seller has dropped a $10 million lawsuit against a Manhattan gallery which had refused to identify an anonymous owner of a Mark Rothko painting.
The Brussels-based Galerie Jacques De La Beraudiere claimed last month it has been unable to sell the 1950 work, known as Untitled (Red, Yellow, Blue, Black and White), by the American abstract artist because Edward Tyler Nahem Fine Art on West 57th Street would not name a previous owner, according to the Manhattan Federal Court filing.
The lawsuit was the result of a “misunderstanding” of the terms of the 2006 sale of the work, the two galleries said in a joint statement.
“Mr. Nahem had no obligation to divulge confidential client information, nor has he hindered the future marketing or sale of this painting in any way. Mr. de la Béraudière and Mr. Nahem have mutually agreed to move forward with their professional relationship in an amicable manner,” according to the statement.