Sotheby’s tell Russian billionaire: “The buck stops here”
As the Accent Delight International vs Sotheby’s trial continued last week following Dmitry Rybolovlev’s claims the auction house had defrauded him, Sotheby’s have turned the focus on the Russian billionaire’s spending habits, notably his purchase of the Leonardo da Vinci piece, Salvatore Mundi.
After unsuccessfully pursuing criminal charges against art dealer Yves Bouvier, from whom Rybolovlev bought 38 works, four pieces are cited in his subsequent lawsuit against Sotheby’s for their alleged hand in “committing fraud”.
Throughout the trial, Rybolovlev accused Sotheby’s of facilitating Bouvier’s deception by inflating the worth of several paintings. In turn, Sotheby’s questioned his business acumen regarding his art purchases.
“Sotheby’s makes it difficult for people like me, who are experienced in business, to know what’s going on,” he said on the stand.
Adding: “It’s important for the art market to be more transparent because, as I’ve already mentioned, when the largest company in this industry is involved in actions of this sort, clients don’t stand a chance.”
Under cross-examination, Sotheby’s lawyer, Marcus Asner, implied he was less than transparent in his efforts to purchase the often debated Salvatore Mundi. Rybolovlev was said to have pretended not to be interested in buying the work to drive down the price.
Asner asked: “Were you being transparent here? Is it okay for you not to be transparent?” before saying: “Mr. Rybolovlev, are you familiar with the term ‘the buck stops here’?”
