Complex asset division of artwork drags on in New York divorce

On Behalf of | Feb 26, 2019 | High-Asset Divorce |

Any New York high-profile divorce is likely to receive press coverage as the asset valuation is done and the marital property is split. Often, these cases will take a long time to conclude. While many will not have the ability to grasp the massive financial implications of a high-profile couple divorcing, it is useful for those who might not have assets in the billions, but are well-off, to consider how a divorce proceeding with these issues can be handled. A law firm that understands all divorces – especially those with substantial assets at stake – should be contacted for assistance in these cases.

The ongoing divorce of a New York real estate mogul and his wife is stagnating as their art collection – said to be valued at nearly three-quarters of a billion dollars – has not yet named a receiver for its sale despite orders from the judge to do so. The judge warned the attorneys to get the process moving forward. The couple is in their 80s. Their attorneys stated that the artwork is not being sold because no one seems to want to take part in the sale. Those who are working in the New York art scene are hesitant to get in the middle of such an expensive and high-profile divorce. The judge stated that the financial windfall from the sale should attract people willing to take part.

The couple had been ordered to sell its art collection in December. There are many significant pieces including work by Andy Warhol in their collection. However, their attorneys gave the name of a judge to oversee the sale and the presiding judge was contemptuous, expressing her desire that someone experienced with art handle the sale. The couple had a nearly six-decade marriage, but they chose to divorce in 2016. They are having extensive problems in agreeing on the value of various properties, not just their art collection. The case is ongoing even as the judge stated that the profits from the sale of the art would be split evenly.

Whether there is a business, real estate, valuable artwork, cars, collectibles or a combination at stake, those who are facing a complex asset division of marital property need legal advice. Although very few divorces will reach the financial heights of this case, a high-asset divorce can be difficult, contentious and take years to settle. Having legal advice from a firm that has a history of helping clients with this level of property division should be called for representation from the beginning.