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Phillips Has the Right to Cancel a $5 Million Agreement With Art Dealer Joseph Nahmad Amid Pandemic Upheaval, Judge Rules
The judge said the situation unequivocally qualifies as "force majeure."
December 17, 2020
Joseph Nahmad attends the Roy Nachum Art Opening at Joseph Nahmad Contemporary Gallery on May 10, 2012 in New York City. (Photo by Mike Coppola/Getty Images)
Phillips was within its rights to terminate an auction guarantee agreement for a seven-figure Rudolf Stingel painting amid the pandemic, a US District Court judge has ruled.
The decision will likely set an important precedent for the art trade by officially confirming that the global health crisis qualifies as “force majeure,” or an act of God, and therefore can be invoked to nullify certain contracts.