Kinkade's Art Firm Loses Court Battle

'Painter of light' must pay two 'duped' gallery owners $2.1M
By Rob Quinn,  Newser Staff
Posted Jun 18, 2009 7:31 AM CDT
Kinkade's Art Firm Loses Court Battle
"Christmas in New York" by Thomas Kinkade.   (PRNewsFoto/The Thomas Kinkade Company)

Hugely popular painter Thomas Kinkade claims God is his art agent, but a federal appeals court has ruled against his company for putting art gallery owners through financial hell, the San Francisco Chronicle reports. The plaintiffs accused Kinkade and his firm of exploiting their Christian faith to lure them into a scheme that made profits for the painter while draining their life's savings.

The gallery owners say Kinkade and other execs hoodwinked them and many others into investing in the company without telling them they would have to sell Kinkade's artworks at minimum price—and then undercut them with discount sales in an effort to lower the value of the artist's publicly traded firm before he took it private. The appeals panel, overturning an earlier decision, awarded the two gallery owners $2.1 million.
(More Thomas Kinkade stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.