The Andy Warhol Foundation has reached a settlement with two disgruntled art collectors who alleged that the refusal by the foundation’s authentication board to certify “self-portraits” of the artist they owned was part of an attempt to control the market for his paintings. Their 2007 and 2010 antitrust cases had survived motions to dismiss, but both Joe Simon-Whelan and Susan Shaer had recently indicated they wanted to drop their claims, in part because of the financial burden of litigation.
But the foundation, represented by Boies, Schiller & Flexner, stated last month that it did not want to abandon its counterclaims against the plaintiffs, whom it accused of violating the contract they signed with the authentication board when they submitted their artwork for evaluation, and its motion for Rule 11 sanctions against plaintiffs’ attorney Seth Redniss.
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