NEW YORK, July 17 (UPI) -- The Andy Warhol Foundation used dubious tactics to control the late artist's work for its own financial gain, a $22 million lawsuit filed in New York alleged.
Joe Simon-Whelan accused the foundation of undertaking "a 20-year scheme of fraud, collusion and manipulation" to hike prices on its stockpile of Warhol's silkscreen paintings while devaluing original works it doesn't own, the New York Post reported Tuesday.
Simon-Whelan claimed he was victimized by the policy that requires collectors to submit artwork to an authentication board. Collectors must sign an agreement that would allow the board to permanently deface a painting it rejects by stamping the back "DENIED" in red ink. The agreement also allows the board to reserve the right to change its assessment at any time, according to the suit.
Because of this policy, anyone who buys a Warhol painting takes a chance that the authentication could be revoked, alleged the suit filed Monday.
The foundation's chief financial officer declined to comment, telling the Post the foundation hadn't reviewed the suit.
