Latest news with #QIPCO
Associated Press
18-04-2025
- Business
- Associated Press
Qatar Investment Receives Summary Judgment Based on Procedural Technicality, Not Merit, Against Phoenix Ancient Art
NEW YORK CITY, NEW YORK / ACCESS Newswire / April 18, 2025 / In a deeply disappointing turn of events, Phoenix Ancient Art has been handed a summary judgment loss in ongoing litigation with QIPCO (Qatar Investment and Project Development Holding Company), not due to the substance of the case, but solely on procedural grounds. The court's decision was based on a technical hurdle relating to disclosure which resulted in the exclusion of all of Phoenix's evidence, testimony, and documents. As a result, the judgment was entered without consideration of the compelling proof Phoenix provided throughout the five-year legal battle. The litigation stems from QIPCO's 2020 claims questioning the authenticity of two stone sculptures which was ignited by the unqualified opinion of a British metallurgist: A Byzantine Chalcedony Statuette of Nike A Greek Marble Head of Alexander the Great These claims were dismantled, both by scientific proof, as well as the court's dismissal of the Alexander claim. Despite the fact that Phoenix had submitted extensive expert analysis supporting its argument (evidence that was not challenged by any expert from QIPCO), the court's recent ruling struck out Phoenix's comprehensive defense - which was submitted to the court and includes: Museum exhibition records from one of the biggest museums in the world and independent expert opinions Scientific authentication reports from the most respectable lab in the world including 14 samples on one of them alone Testimony from previous owners with original purchase invoices (dating back as far as 1968) In 2023, three years after after the original litigation, Qatar Investment produced a new complaint to include allegations of fraudulent misrepresentation, reintroducing a previously dismissed piece and adding a new one (i.e.: A Roman Chalcedony Phalera). The amendment relied heavily on speculative interpretations rather than facts. Despite Phoenix's offer to voluntarily provide 100,000 documents from its disclosure database to QIPCO (all its potentially relevant documents in possession, including documents that were already produced in the 2020 disclosure exercise and at the time of purchase)- showing transparency and nothing to hide - the court accepted QIPCO's argument for Phoenix to undergo a prohibitively costly document-by-document legal review. This financial barrier became the sole reason for Phoenix not completing the disclosure exercise which led to the court's exclusion of Phoenix's evidence and the resulting judgment. Phoenix Ancient Art has served as a trusted source of antiquities for over 50 years, with its artworks housed in leading institutions such as The Louvre, The Getty Museum, The Metropolitan Museum of Art, and prestigious university museums including Princeton, Harvard, Yale, and Emory. Museum publications have featured Phoenix pieces on their covers - underscoring the gallery's integrity, scholarship, and the cultural importance of its collection. To this day, Phoenix Ancient Art remains proud to have placed 23 major antiquities in the QIPCO / Al Thani Collection. 'This is not justice,' said a spokesperson for Phoenix Ancient Art. 'It's a technical knockout - not a judgment on truth, merit, or evidence. The value, authenticity, and historical significance of these artworks are beyond dispute, and we stand by the rigorous research and provenance behind every piece.' This technicality meant that QIPCO did not have to prove what they have alleged. Phoenix Ancient Art will continue to explore all legal avenues to challenge this decision and defend its reputation in the art world. Contact Information Hicham Aboutaam President of Electrum [email protected] +2122887518 SOURCE: Phoenix Ancient Art press release
Yahoo
17-02-2025
- Business
- Yahoo
Battle for world's largest blue cut diamond ends in stalemate
A five-year royal Qatari battle for the world's largest cut blue diamond — the 70-carat Idol's Eye — has ended. The saga of the storied $10 million gemstones is complex. The diamond is owned by Elanus, a holding company representing the heirs of a prolific Qatari royal art collector who died in 2014. That year, Elanus loaned the gem to Sheikh Hamad Abdullah Al-Thani's QIPCO under a deal granting the company first refusal if the stone was ever put up for sale. In 2020, a family member linked to Elanus proposed a sale. Sheikh Hamad moved quickly, and when other Elanus beneficiaries demurred, he launched a legal case to enforce the sale. A High Court judge in London has now ruled that Elanus can't be forced to sell, quashing Sheikh Hamad's hopes of acquiring the diamond.
The Independent
13-02-2025
- Business
- The Independent
Qatari royal loses lawsuit after bitter fight over 17th century Idol's Eye diamond
A high court ruling has been made in a bitter dispute between branches of the Qatari royal family over a 17th century diamond worth millions of pounds. The cousin of Qatar's ruler lost his fight at the High Court in London on Thursday against another branch of the royal family. The dispute over the "Idol's Eye" diamond pitted art collector Sheikh Hamad bin Abdullah Al Thani, cousin of Qatar's ruler Sheikh Tamim bin Hamad Al Thani, against the relatives of former culture minister Sheikh Saud bin Mohammed Al Thani. Sheikh Saud, Qatar's minister of culture between 1997 and 2005, was one of the world's most prolific art collectors and bought the 70-carat Idol's Eye diamond in the early 2000s. He lent the diamond to QIPCO, whose chief executive is Sheikh Hamad bin Abdullah, shortly before his death in 2014. The agreement gave QIPCO the option to buy the diamond with the consent of Elanus Holdings, a company linked to Sheikh Saud's relatives. Elanus is ultimately owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud's widow and three children. QIPCO's lawyers say that a 2020 letter sent by the Al Thani Foundation's lawyer amounted to an agreement to sell the diamond for $10 million, but Elanus said the letter was sent by mistake. QIPCO asked the High Court to order Elanus to sell the gem to it but Judge Simon Birt dismissed its case on Thursday. QIPCO and lawyers representing Elanus did not immediately respond to a request for comment. The two sides had disagreed over how much the gem is worth, with Elanus' lawyers saying in court filings that an expert had valued the diamond at around $27 million (£21 million). Judge Birt said in his ruling that the diamond is "said to have been discovered in a mine at Golconda in Southern India, though that history is not complete or certain". He added that the gem is also said to have been owned at one point by Sultan Abdulhamid II, one of the last rulers of the Ottoman Empire.
Reuters
13-02-2025
- Business
- Reuters
Qatari royal loses UK lawsuit over 'Idol's Eye' diamond
LONDON, Feb 13 (Reuters) - A cousin of Qatar's ruler lost his fight at London's High Court on Thursday against another branch of the Gulf nation's royal family over a 17th century diamond worth millions. The dispute over the"Idol's Eye" diamond pitted art collector Sheikh Hamad bin Abdullah Al Thani, cousin of Qatar's ruler Sheikh Tamim bin Hamad Al Thani, against the relatives of former culture minister Sheikh Saud bin Mohammed Al Thani. Sheikh Saud, Qatar's minister of culture between 1997 and 2005, was one of the world's most prolific art collectors and bought the 70-carat Idol's Eye diamond in the early 2000s. He lent the diamond to QIPCO, whose chief executive is Sheikh Hamad bin Abdullah, shortly before his death in 2014. The agreement gave QIPCO the option to buy the diamond with the consent of Elanus Holdings, a company linked to Sheikh Saud's relatives. Elanus is ultimately owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud's widow and three children. QIPCO's lawyers say that a 2020 letter sent by the Al Thani Foundation's lawyer amounted to an agreement to sell the diamond for $10 million, but Elanus said the letter was sent by mistake. QIPCO asked the High Court to order Elanus to sell the gem to it but Judge Simon Birt dismissed its case on Thursday. QIPCO and lawyers representing Elanus did not immediately respond to a request for comment. The two sides had disagreed over how much the gem is worth, with Elanus' lawyers saying in court filings that an expert had valued the diamond at around $27 million. Birt said in his ruling that the diamond is "said to have been discovered in a mine at Golconda in Southern India, though that history is not complete or certain". He added that the gem is also said to have been owned at one point by Sultan Abdulhamid II, one of the last rulers of the Ottoman Empire.
