Singapore Unfreezes Assets of Sued Art Dealer Yves Bouvier

  • August 25, 2015 22:17

  • Email
Mark Rothko’s No. 6 (Violet, Green and Red)

In an August 21 order, the Singapore High Court  lifted a freeze on the assets of the Swiss "king of freeports" and art dealer Yves Bouvier that were imposed earlier this year. Bouvier, a Singapore resident, had been accused of fraud by Russian billionaire Dmitry Rybolovlev. 

Rybolovlev alleged Bouvier inflated prices on 38 artworks that he sold to him. The artworks, by the likes of Modigliani and van Gogh, were marked up as much as $1 billion, contends the Russian collector.

Mark Rothko’s No. 6 (Violet, Green and Red), considered to be among the finest works in the abstract expressionist's oeuvre, was in the process of being sold to the Russian for an artist record price of €140 million ($186 million) in February when the Monaco police arrested Bouvier, reported Bloomberg. In a complaint, Rybolovlev alleged that Bouvier misled him on the price of the Rothko, along with his other purchases.

Bouvier has maintained that he sold the paintings as an independent seller, not as Rybolovlev's agent, and that he took a normal commission for the sales.

The judge ruled for Bouvier's appeal, stating, "the injunction was not obtained by the respondents to prevent the enforcement of an anticipated judgement from being frustrated."
    
Adding, "Instead, we are satisfied that it was deployed as an instrument of oppression to inflict commercial prejudice on Mr Bouvier."

Bouvier stated he was "delighted" with the ruling.

Read more at The Local

Tags: european art

  • Email

More News Feed Headlines

Joseph Mallord William Turner (1775-1851) Sunset, 1830-5.

After 13 Years, ARTFIXdaily to Cease Daily News Service

  • ArtfixDaily / August 15th, 2022

ARTFIXdaily will end weekday e-newsletter service after 13 years of publishing art world press releases, events and ...

Read More...
Einar and Jamex de la Torre, Critical Mass, 2002 (Courtesy of the Cheech Marin Collection and Riverside Art Museum).

Inaugural Exhibition at The Cheech Highlights Groundbreaking Chicano Artists

  • ArtfixDaily / July 7th, 2022

One of the nation’s first permanent spaces dedicated to showcasing Chicano art and culture opened on June ...

Read More...
Jacob Lawrence,.  .  .  is life so dear or peace so sweet as to be purchased at the price of chains and slavery?—Patrick Henry,1775 , Panel 1, 1955, from Struggle: From the History of the American People, 1954–56, egg tempera on hardboard.  Collection of Harvey and Harvey-Ann Ross.  © 2022 The Jacob and Gwendolyn Knight Lawrence Foundation, Seattle / Artists Rights Society (ARS), New York.

Crystal Bridges Explores the U.S. Constitution Through Art in New Exhibition 'We the People: The Radical Notion of Democracy'

  • ArtfixDaily / July 7th, 2022

Original print of the U.S. Constitution headlines exhibition sponsored by Ken Griffin (who purchased it for $43.2 ...

Read More...
Salvador Dalí (1904–1989), Christ of St John of the Cross, 1951, oil on canvas © CSG CIC Glasgow Museums Collection

Dalí / El Greco Side-by-Side Exhibit Prompts: 'Are They Really Paintings of the Same Thing?'

  • ArtfixDaily / July 6th, 2022

From July 9 to December 4, 2022, The Auckland Project in the U.K. will unite two Spanish masterpieces from British ...

Read More...

Related Press Releases

ARTFIXdaily Artwire