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Knoedler & Co., which before shutting in 2011 was New York City's oldest art gallery, has agreed to settle a lawsuit over an $8.3 million sale of a fake Rothko painting, just as its ex-president was preparing to testify at trial.The settlement with the De Soles, who were seeking $25 million in damages, came after the collectors reached a separate agreement Sunday with Ann Freedman, Knoedler's former president.Charles Schmerler, a lawyer for Knoedler and a related company, 8-31 Holdings Inc., said he was pleased a settlement was reached in light of Freedman's agreement.The Knoedler gallery bought their fake Rothko for the "bargain-basement" price of just $950,000 before selling it for $8.3 million, according to the De Soles' lawyers.
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