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In 2017 Anatole Shagalov sued Artemus over a leaseback scheme
Max Rapp/Patrick McMullan via Getty Images
The long-running legal battle between Artemus, the art sale/leasing company set up by the financier Asher Edelman, and the art dealer Anatole Shagalov, has finally been concluded with a “win” for Artemus.
The battle started in 2017 when Shagalov and his company Nature Morte (no relation to the New Delhi gallery) sued Artemus over a multimillion-dollar leaseback arrangement, which included a Keith Haring and two Frank Stellas.
Shagalov allegedly did not pay the agreed fees and then tried to prevent Artemus from selling the art, claiming his arrangement with Artemus was a “collateralised loan” and not a purchase. Artemus’s business model is to buy a work of art and then lease it back to the vendor. Shagalov initially prevailed in court, but in March this year Justice John Koeltl dismissed Shagalov’s case with prejudice, bringing t ....

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