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Tananbaum is a prominent hedge fund manager, a trustee of the Museum of Modern Art, and a sophisticated art collector who regularly invests in exclusive works of fine art. [...] Tananbaum was being advised by one of the world’s leading art advisors and fully understood that (i) Mr. Koons is a perfectionist who often takes years to make each sculpture; (ii) Mr. Koons provides only estimated completion dates for the sculptures; and (iii) those estimated dates are often extended by multiple years.
[Gagosian and Koons] breed a false sense of urgency to secure as many millions of dollars in deposits and payments as they can. At heart, this interest-free loan system—unbeknownst to the collectors—is less about creating timeless works of art and more about creating an ouroboros by which Defendants maintain a never-depleting source of funds at the expense of eager and trusting collectors.