01/17/2013 08:01 am ET Updated Jan 17, 2013

Judge Rebuffs Gagosian's Mark Tansey Claim — Has His Double Dealing Backfired?

Larry Gagosian raised a lot of eyebrows when he admitted in a recent court deposition that he didn't worry much about "loyalty" to his clients because he often played both sides of the fence: "As a matter of practice, art dealers frequently represent the buyer and the seller," he said. "I just don't think about it in terms of -- in those terms. I think about, 'It's a financial transaction, and the seller wants to get paid.' My objective is to pay the seller and to make a profit for the gallery."

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