Henkel Heir, Mistress Settle Suit on $48 Million in Two Hirsts

By Lindsay Pollock. Bloomberg.com.  November 10.2009

Nov. 10 (Bloomberg) — Udo Fritz-Hermann Brandhorst, an heir to Germany’s Henkel AG & Co. fortune and a major art collector, avoided a public court case in New York by settling a lawsuit filed by his former mistress involving two Damien Hirst sculptures and a custody dispute.

The settlement was reached Sunday night according to the woman, Venetia Kapernekas, and Brandhorst’s lawyers.

Kapernekas, a 49-year-old New York art dealer filed a suit in federal court in Manhattan claiming an interest in the two Hirsts, which have been valued at an estimated $47.6 million, court documents show. The custody suit, involving their 8-year- old daughter, was being heard in New York County Family Court.

Kapernekas has agreed to drop the federal suit and claims on the Hirsts in exchange for: custody of their daughter (Brandhorst gets visitation and vacation rights); a one-time payment of $100,000; a $500,000 trust for the daughter’s education; a loft on Wooster Street in Manhattan’s Soho district valued at about $5 million to be held in the daughter’s name as sole owner; $5,000 a month in child support; and $640,000 to cover Kapernekas’s legal expenses, according to Kapernekas.

Read the rest of the article.

SOURCE:

http://www.bloomberg.com/apps/news?pid=20601088&sid=alQmEIzf2VtM

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About Art Collecting and Investment

Providing news about art collectors, collections and investments. Including the how to's, the why's and the where's of art collecting. Wanda Pepin, Christina Madden and Elaine Frenett are all professional artists who keep up on the world of art, while creating amazing works of art themselves.
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