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IT’S ON War Ignites Between NYC Art Moguls Larry Gagosian and Ronald Perelman. (Getty)

War Ignites Between NYC Art Moguls

Art-gallery mogul Larry Gagosian is fighting back against Ronald Perelman, after his longtime friend and business partner refused to drop his lawsuit over a botched art deal. In court papers, Gagosian referred to the billionaire collector as a “deadbeat” and “bully” who should be sanctioned by the judge for pursuing a “frivolous” suit. Gagosian is asking that Perelman’s case—in which he claims he was cheated in the exchange of several costly works of art—be dismissed. The suit is just one of many troubling developments for Gagosian, who is a major player in the art world.

January 19, 2013 9:00 AM