Paintings by Jean-Michel Basquiat and George Condo are now caught in a sprawling Vancouver real-estate fraud lawsuit that has advanced in court, according to ARTnews ARTnews, 28 July 2026. The works were allegedly used as collateral — assets pledged to secure a loan or obligation — in connection with the collapse of Coromandel Properties, a major Vancouver development firm.

The Art Newspaper reported on 27 July 2026 that an art collection purchased for US$4.9 million sits at the centre of the dispute The Art Newspaper. Alongside Basquiat, the collection includes works by Javier Calleja, George Condo and Rashid Johnson, according to the two outlets' combined reporting.

The backstory is a real-estate implosion. Coromandel Properties collapsed in 2023, leaving approximately C$700 million (US$497 million) in debt spread across 16 properties, according to The Art Newspaper. The Mo family's separate lawsuit, filed the same year, alleges the collapse involved 82 Coromandel companies Vancouver Sun, 18 July 2026.

At the centre of both disputes is Jerry Zhong, the CEO and co-owner of Coromandel Properties. Part-owner Junchao Mo and his sons filed suit against Zhong in 2023, alleging that a long friendship ended in betrayal, the Vancouver Sun reported. The Art Newspaper reports that the lawsuit alleges Zhong purchased the art collection while Coromandel was in financial distress.

When a property empire the size of Coromandel's buckles, the wreckage does not stay in one lane. Creditors chase every asset. Art, which can be bought privately, moved across borders and valued subjectively, becomes one more thing to fight over — and in this case, paintings by some of the most recognisable names in contemporary art are now part of a court record rather than a collector's wall.

The case is ongoing. Neither Zhong nor Coromandel Properties has publicly responded to the specific allegations about the art collection, according to the published reports.

For the creditors owed nearly half a billion US dollars, the fate of a handful of paintings may seem small. But the US$4.9 million collection is a recoverable asset, and in bankruptcy proceedings, every recoverable asset matters.