U.S. Court Orders Seizure of $29 Million in Art From South Beauty Founder Zhang Lan

A U.S. federal court has ordered the seizure of two paintings valued at a combined $29.1 million that were purchased by celebrity restaurateur Zhang Lan, ruling that she fraudulently attempted to hide the assets from creditors.

In a March 24 decision, the U.S. District Court for the Southern District of New York authorized the seizure of Andy Warhol’s “Little Electric Chair” and an untitled self-portrait by Martin Kippenberger. The ruling marks a major step in a decade-long legal battle by private equity firm CVC Capital Partners to collect on a nine-figure arbitration award against Zhang.