Russian oligarch sues Sotheby’s after being “cheated” at auction
Russian oligarch Dmitry Rybolovlev is suing Sotheby’s auction house for their alleged part in inflating the price of the artworks he bought at auction, including pieces by Amedeo Modigliani and Leonardo da Vinci.
In court documents, Rybolovlev claimed he was defrauded by art dealer Yves Bouvier, who helped him purchase 38 artworks over 12 years to the tune of $2billion. Their working relationship ended when Rybolovlev discovered he had overpaid millions for a Modigliani painting.
“Bouvier, an art broker who assisted in acquiring the works,” explained the New York judge overseeing the dispute, “had cheated them by buying the works himself for one price and charging them another price – millions or tens of millions of dollars higher.”
Last month, Rybolovlev and Bouvier settled outside of court, but the Russian billionaire is now suing Sotheby’s for their alleged part in aiding and abetting Bouvier in “committing fraud and breaching his fiduciary duties.”
The auction house has denied the claims, with a spokesperson saying: “Any suggestion that Sotheby’s was aware of the buyer’s alleged misconduct or intention to defraud Mr Rybolovlev is false.”
This week, however, they will face fraud-related claims in a Manhattan court over the sale of four artworks, the Modigliani sculpture Tête, Klimt’s Wasserschlangen II, Magritte’s Le Domaine d’Arnheim and Salvador Mundi.
The latter was sold by Rybolovlev in 2017 for $450million, making it the most expensive painting ever sold. After its purchase by Mohammed bin Salman, art world commentators continued to question its authenticity.
