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ARTICLE · 27 JULY 2021

Hughes Hubbard Delivers Finishing Touch For Phillips Auctioneers

Hughes Hubbard & Reed LLP
Hughes Hubbard & Reed LLP
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Hughes Hubbard & Reed LLP

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July 26, 2021 – In a decisive victory for longtime client Phillips Auctioneers, Hughes Hubbard defeated a lawsuit brought by a China-based art collector alleging that the eminent auction house breached the parties' settlement agreement.

United StatesLitigation, Mediation & Arbitration
Daniel H. Weiner
Daniel H. Weiner
Eric K. Blumenfeld
Eric K. Blumenfeld
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July 26, 2021 - In a decisive victory for longtime client Phillips Auctioneers, Hughes Hubbard defeated a lawsuit brought by a China-based art collector alleging that the eminent auction house breached the parties' settlement agreement.

On July 12, New York State Supreme Court Justice Jennifer G. Schecter granted Phillips' motion to dismiss all of Zhang Chang's claims with prejudice, ending a heavily litigated dispute that began five years ago.

In October 2016, Phillips and Zhang entered into a guarantee agreement for Zhang to bid $24 million on Gerhard Richter's masterwork "Düsenjäger" at a November 2016 auction in exchange for a financing fee, regardless of the outcome.

Zhang's bid succeeded, but he failed to pay Phillips, which was forced to pay the consignor of the work the full $24 million and seek restitution from Zhang. Zhang, a Chinese national and resident, taunted Phillips that it could not require him to pay for the Richter work because he was

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