Warhol’s Electric Chair Entangled in China Private Equity Fight

Andy Warhol’s “Little Electric Chair” is among artwork that’s at the heart of a fight between a private equity giant and a one-time Chinese restaurant tycoon.

The $10.5 million piece from Warhol’s 1960s “Death and Disaster” series on the underbelly of American consumerism and an $18.6 million untitled painting by Martin Kippenberger from 1988 are on a list of assets CVC Capital Partners hopes to seize from Zhang Lan as compensation for a failed investment in her restaurant chain, South Beauty.

Versions of ‘Little Electric Chair’ by Andy Warhol at the Musee d’art Moderne in Paris.

Photographer: Chesnot/Getty Images

The private equity firm is working to secure its Chinese arbitration tribunal victory by chasing assets it ...