World-renown central Pa. artist sued for millions by unhappy multimillionaire buyer

York County native and world-renowned artist Jeff Koons is facing a lawsuit that quotes Hamlet and alleges he is involved in an operation that "harkens the name Ponzi."

The lawsuit was filed Thursday on behalf of Steven Tananbaum, the founder and chief investment officer of GoldenTree Asset Management.

More:World-renowned artist Koons inspired by York upbringing

He's been labeled a "vulture" investor by CNBC for his multi-billion-dollar firm's investments in troubled companies. Reuters reports his company specializes in "junk-rated bonds" and that Tananbaum has a passion for art collection.

Tananbaum is suing Pennsylvania native and artist Jeff Koons and Gagosian Gallery, Inc. He says Koons has repeatedly delayed delivery of three pieces of art he ordered in 2013. 

"According to (Tananbaum's) complaint filed in a New York state court in Manhattan, Tananbaum agreed to pay more than $24 million for Koons’ sculptures 'Balloon Venus,' 'Eros' and 'Diana,' and has already paid out $13.05 million," according to Reuters.

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The delays and failure to deliver on promises are part of a system designed to "exploit art collectors' desire to own Jeff Koons sculptures," the lawsuit alleges. 

The lawsuit says that Koons "wears the crown" in the contemporary art world and quotes Hamlet: "Something is rotten in the state of Denmark."

The suit draws comparisons to a Ponzi scheme, a fraud where false promises are used to generate new investors' money, which is then used to finance older investors.

Koons rose to worldwide prominence in 2013 when he sold a 12-foot sculpture for $58.4 million. It was the most expensive piece of art created by a living artist to be sold at auction, according to The Independent.

Reuters has covered the lawsuit more extensively and reports that a representative for Koons declined to comment and that the Gagosian Gallery could not be reached for comment.

Also of interest, Koons installed a sculpture at Rockefeller Center in 2017: