Santa Fe art tycoon sues N.Y. gallery

December 20, 2016 GMT

The Peters Family Art Foundation, founded by Santa Fe art and restaurant tycoon Gerald Peters, is suing a New York City gallery for a $118,000 balance for an oil painting by famed abstract expressionist Jackson Pollock.

The Jason McCoy Gallery in New York agreed to pay the foundation $425,000 for the painting, according to the suit filed in state District Court in Santa Fe. Pollock’s painting, done in 1934, is a 12-inch-by-16-inch work entitled Seascape.

The complaint says the foundation billed the gallery in December 2015. The gallery sent a check for the full amount in January 2016 but later stopped the payment. The gallery has since made several payments, but still owes $118,000, which includes interest on the past-due amount, the suit claims.

The foundation’s attorney declined to comment for this story and Peters did not immediately return a message seeking comment Monday. No one answered the phone at the gallery late Monday.