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END OF EMPIRE Gagosian Losing Grip on Art World? Gagosian in June 2011. (Getty Images for Credit Suisse)

Gagosian Losing Grip on Art World?

The past couple of weeks have not been kind to the powerhouse art dealer Larry Gagosian, one of the key players in globalizing the art market over the past two decades. First, artist Jeff Koons decided his next show would be with another dealer. Only a week later, Damian Hirst announced he would be severing ties with Gagosian after 17 years, and artist Yayoi Kusama is also in the process of quitting Gagosian. The loss of the talent comes as he faces two high-profile lawsuits, one by Jan Cowles, who accuses him of selling a Roy Lichtenstein painting from her collection without her knowledge. The other lawsuit is from his former friend, Ron Perelman—the two even invested in an East Hampton, N.Y., restaurant together—who alleges that Gagosian has “abused his position of trust.”

January 22, 2013 11:50 AM