Schwenke Auctioneers - Anniversary Fine Estates Auction - May 22

Russian Billionaire Rybolovlev Hits Sotheby's With $380 Million Lawsuit

  • October 03, 2018 11:37

  • Email
Amedeo Modigliani’s Nu Couché au Coussin Bleu (1917), for which Rybolovlev paid over $120 million including commission fees. Bouvier had gotten the work for him at $95 million.
Dmitry Rybolovlev
Wikipedia

Bloomberg's Katya Kazakina reports:

The epic international legal drama that has pitted a Russian billionaire against a Swiss art entrepreneur [Yves Bouvier] took a new turn on Tuesday with Dmitry Rybolovlev slapping Sotheby’s auction house with a $380 million lawsuit in New York.

Rybolovlev accused Yves Bouvier of overcharging him on 38 artworks that he purchased for $2 billion over more than a decade.

Rybolovlev’s companies sued Sotheby’s Tuesday in Manhattan federal court, alleging that the auction house "materially assisted the largest art fraud in history."

The complaint claims: “By brokering sales to Bouvier at certain prices, sending Bouvier emails designed to encourage plaintiffs to pay inflated prices, and misleadingly appraising works at inflated prices, Sotheby’s participated in Bouvier’s breach of his fiduciary duties to plaintiffs."

Read more at Bloomberg


  • Email

More News Feed Headlines

Mark Rothko’s Untitled, 1960, sold for $50.1 million.

A Bacon and SFMOMA's Rothko Boost Sotheby's $341.9 Million Contemporary Art Sale

  • ARTnews / May 19th, 2019

Sotheby’s Contemporary Art Evening Auction wrapped in New York with a total of $341.9 million, with a ...

Read More...
Courtyard of the Louvre, with I.M.  Pei's Pyramid.

I.M. Pei, Renowned Architect of Louvre Pyramid, Remembered

  • NPR / May 16th, 2019

Modernist architect I.M. Pei, known for iconic structures from the Louvre Pyramid to Cleveland's Rock & Roll Hall ...

Read More...
Paul Gauguin, Nafea Faa Ipoipo? (When Will You Marry?), 1892, oil on canvas.

Simon de Pury Wins Legal Dispute With Friend Over Commission in 'Handshake' Deal for Gauguin

  • ArtNews / May 16th, 2019

Former Sotheby’s Europe chairman Simon de Pury has won a legal battle with his childhood friend over the sale of one ...

Read More...
Jeff Koons, Rabbit

Jeff Koons 'Rabbit' Fetches a Living Artist Record of $91 Million

  • CNN / May 15th, 2019

A stainless steel rabbit sculpture by Jeff Koons became the priciest work ever sold by a living artist at auction on ...

Read More...

ARTFIXdaily Artwire