Too bad this kid will one day learn that her parents bartered custody of her for sculptures.

Udo Fritz-Hermann Brandhorst, an heir to Germany’s Henkel AG & Co. fortune and a major art collector, avoided a public court case in New York by settling a lawsuit filed by his former mistress involving two Damien Hirst sculptures and a custody dispute.

The settlement was reached Sunday night according to the woman, Venetia Kapernekas, and Brandhorst’s lawyers.

Kapernekas, a 49-year-old New York art dealer filed a suit in federal court in Manhattan claiming an interest in the two Hirsts, which have been valued at an estimated $47.6 million, court documents show. The custody suit, involving their 8-year- old daughter, was being heard in New York County Family Court.

Kapernekas has agreed to drop the federal suit and claims on the Hirsts in exchange for: custody of their daughter (Brandhorst gets visitation and vacation rights); a one-time payment of $100,000; a $500,000 trust for the daughter’s education; a loft on Wooster Street in Manhattan’s Soho district valued at about $5 million to be held in the daughter’s name as sole owner; $5,000 a month in child support; and $640,000 to cover Kapernekas’s legal expenses, according to Kapernekas.

Sad, but maybe the sculptures were simply being used as leverage to provide for the daughter's future?

(HT: Marginal Revolution, Felix Salmon.)

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