Gallery Chain Sues Artist: Martin Lawrence Limited...

Gallery Chain Sues Artist: Martin Lawrence Limited Editions Inc., a Van Nuys operator of retail art galleries, said it sued artist Hiromichi Yamagata for allegedly selling artworks to other buyers without first offering them to Martin Lawrence, as required under his contract with the company. Martin Lawrence is seeking $40 million in damages in the suit filed in Los Angeles Superior Court. Yamagata’s serigraph paintings and watercolors accounted for 42% of Martin Lawrence’s $36.5 million in sales for the nine months ended Sept. 30, said Allen A. Baron, Martin Lawrence’s chief financial officer. Neither Yamagata nor his attorney could be reached for comment. After the announcement, Martin Lawrence’s stock dropped 50 cents a share, or 17%, to close at $2.375 on the New York Stock Exchange.