Collector Libbie Mugrabi Faces New Legal Battle Over 1982 Basquiat to Satisfy $2.3 M. Judgment
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Earlier this month, the real estate company 320 E 82nd Owner, LLC filed a petition seeking to compel socialite art collector Libbie Mugrabi and the auction house Phillips to turn over an untitled 1982 Jean-Michel Basquiat painting in the latter’s possession in order to satisfy a $2.3 million judgment.
New York County Supreme Court judge Linda M. Capitti pushed the petition forward last week, approving an order on October 14 preventing the sale or transfer of the Basquiat and compelling Mugrabi and Phillips to appear in court on November 17 to show cause for why the Basquiat—as well as Mugrabi’s 100 percent membership interest in Moo Moo Enterprises, Inc., which holds the work—should not be turned over to satisfy the debt. Mugrabi has yet to respond to the petition or the judge’s order.
This article is an excerpt. To read the full content, visit the original source. ARTnews
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