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Wills, Trusts & Estates Keyed to Sterk
Matter of Estate of Rothko
Citation:
372 N.E.2d 291 (1977)Facts
Mark Rothko, the renowned abstract expressionist, died in 1970, leaving behind an estate consisting mainly of 798 paintings. The executors, Bernard J. Reis, Theodoros Stamos, and Morton Levine, hastily entered into two agreements with Marlborough A.G. (MAG) and Marlborough Gallery, Inc. (MNY) in May 1970, involving the sale and consignment of the paintings. The first agreement sold 100 paintings to MAG for $1.8 million, with payments spread over 12 years. The second consigned nearly 700 paintings to MNY, which could sell up to 35 paintings per year, receiving substantial commissions. Kate Rothko, the decedent’s daughter, and the Attorney General filed a lawsuit to remove the executors, block the agreements, and demand the return of the paintings.
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