23rd March 2023 – (Hong Kong) According to a court document filed this week, Karen Lo, the heiress of Vitasoy International, a Hong Kong-based beverage company specialising in soy milk and juice drinks, is suing prominent gallery owner Pearl Lam for allegedly failing to deliver a Banksy painting that Lo had purchased for US$613,000.
In the writ, Lo claimed that Lam falsely represented herself as having bought Banksy’s ‘Show Me The Monet’ painting on Lo’s behalf. Lam’s office responded by stating that it was a private matter and regretted that it was being litigated in the press. They also offered a full refund and expressed their desire to resolve the matter quickly. However, they did not provide further details.
The 2005 painting, a “remix” of a masterpiece by Impressionist painter Claude Monet, was sold at a Sotheby’s auction in October 2020 for more than £7.5 million, well above the estimated sale price of £3 million to £5 million.
Pearl Lam which is located on the 6th floor of Pedder Building in Central is one of over 170 gallery owners participating in Art Basel Hong Kong this week.