Basquiat and Condo paintings caught in C$700 million Vancouver fraud lawsuit

Works by Jean-Michel Basquiat, George Condo, Javier Calleja and Rashid Johnson — bought for US$4.9 million — were allegedly used as collateral in a Vancouver lawsuit tied to Coromandel Properties' 2023 collapse, which left roughly C$700 million (US$497 million) in debt across 16 properties. Part-owner Junchao Mo's family sued CEO Jerry Zhong, alleging he bought the art during financial distress. ARTnews and The Art Newspaper reported the case has advanced in court.