Posted Jun 26, 2007 05:10 pm CDT
The rightful owner of “Red Elvis” is Peter Brant, a man who paid $2.9 million for the Andy Warhol painting without realizing it was stolen, the Connecticut Supreme Court has ruled.
Brant made a reasonable effort to make sure the Swedish art dealer who sold him the silk screen had the authority to make the deal, according to a New York Times account of the ruling released yesterday.
The dealer was later convicted of criminal theft charges in connection with the sale, the newspaper says.
The plaintiff, Kerstin Lindholm, had paid the dealer $300,000 for the art work in 1987. It is currently valued at up to $12 million.
The decision is Lindholm v. Brant, No. SC 17729 (PDF).