Consignor demands $560K for W.T. Richards painting

23 April 2010

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William Trost Richards, "The Rainbow," 1890, oil, 40 x 72 inches.

Rhode Island art dealer William Vareika sold a 19th century landscape by William Trost Richards for $700,000 but paid the owner only $140,000, the consignor claims in New York County Court.

Universe Antiques sued William Vareika and William Vareika Fine Arts over "The Rainbow," also titled "Coming Rain, Atlantic City, New Jersey," a 40-by-72-inch oil painted in 1890, which Universe says was to be sold by Vareika for $700,000 to a buyer in Hollywood.

Universe says it wants the balance of $560,000 plus interest, $683,000 in legal fees and $2 million in damages for breach of the consignment agreement and fraud.

Read more at Courthouse News Service

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