NEW YORK • The long-running art world dispute between actor Alec Baldwin (right) and art dealer Mary Boone has been settled, with her paying him at least US$1 million (S$1.4 million).

He sued her in New York State Supreme Court last year, asserting that he had been defrauded when he purchased a painting from her in 2010.

He claimed that she deceived him by promising a painting, Sea And Mirror, by artist Ross Bleckner, that had been sold at Sotheby's to a Los Angeles collector in 2007, but in fact supplied Baldwin with another similar Bleckner painting, also called Sea And Mirror.

Baldwin had paid US$190,000 for the painting, but had suspicions when it arrived because it appeared brighter and smelt of fresh paint when he received it.

The case was due to go to trial next year and Baldwin had contended that Bleckner had painted it at Boone's request when she was unable to secure the original that Baldwin sought.

A lawyer for Baldwin, Mr Steven N. Feldman, would not detail the settlement, but acknowledged a few of the terms. Baldwin had been paid a seven-figure sum, he said, plus he will receive two other Bleckner paintings, an existing work and a new painting created by Bleckner for the actor.

Baldwin also gets to keep the Sea And Mirror he bought from Boone.

Mr Ted Poretz, a lawyer for Boone, declined to comment.

The settlement was first reported by The New Yorker magazine.

According to the magazine, Baldwin plans to donate half of the settlement to a fund helping to rebuild the Sag Harbor Cinema, which was destroyed by fire last year.

NYTIMES