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☆ Russian billionaire loses Sotheby’s art fraud lawsuit involving ‘Salvator Mundi’
▼ + stars: | 2024-01-31 | by ( Oscar Holland | Reuters | ) edition.cnn.com time to read: +4 min

Among them was the “Salvator Mundi,” which Bouvier bought for $80 million before quickly selling it on to his then-client for $127.5 million. Speaking to CNN in 2021, Bouvier maintained that he had acted as a dealer, not an art adviser, and was thus entitled to mark up prices. The Russian billionaire lost his lawsuit against auction house Sotheby's yesterday. Jeenah Moon/Bloomberg/Getty ImagesThe case has been among the highest-profile art fraud disputes in recent years, offering a view into an often-secretive industry where wealthy buyers sometimes don’t know who they are buying from. Rybolovlev was allowed to sue over “Salvator Mundi” even though his ownership had proven unusually profitable.

Persons: oligarch Dmitry Rybolovlev, Rybolovlev, Sotheby’s, Yves Bouvier, “ Salvator Mundi, Leonardo da Vinci, Bouvier, Salvator Mundi, Dmitry Rybolovlev, Daniel Kornstein, Sotheby’s “, ” Sotheby’s, Jesse Furman, Leonardo, Gustav Klimt, Rene Magritte, Amedeo Modigliani, Furman, Pablo Picasso, Auguste Rodin, Henri de Toulouse, Lautrec, ” Organizations: CNN, Forbes, AS Monaco soccer, Bloomberg, Getty Locations: Swiss, New York, Russian, Switzerland, Singapore, Monaco, Hong Kong, Manhattan

☆ Russian oligarch Dmitry Rybolovlev loses suit accusing Sotheby's of art fraud
▼ + stars: | 2024-01-30 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Dmitry Rybolovlev, president of As Monaco Football Club SA, arrives at court in New York on Jan. 9, 2024. Russian billionaire Dmitry Rybolovlev on Tuesday lost a New York federal court lawsuit in which he had accused the Sotheby's auction house of helping an art buyer defraud the oligarch by having him grossly overpay for various pieces of art. "It knew the actual prices Bouvier paid to the sellers and the fraudulently inflated prices Bouvier induced Plaintiffs to pay to him," the suit said. At trial, Sotheby's lawyer Sara Shudofsky told jurors that Rybolovlev was "trying to make an innocent party pay for what somebody else did to him." "We are grateful to the jury for its verdict, which totally vindicates Sotheby's of any alleged misconduct," Sotheby's said.

Persons: Dmitry Rybolovlev, Rybolovlev, Yves Bouvier, Bouvier, Leonardo da Vinci, Salvator Mundi, Sara Shudofsky, Shudofsky, Sotheby's, Daniel Kornstein, Kornstein, Donald Trump Organizations: Monaco Football Club SA, New, Xitrans Finance, Associated Press, Geneva, CNBC PRO Locations: New York, U.S, Manhattan, Sotheby's, Christie's, Beach , Florida, Singapore , Hong Kong , New York, Monaco

☆ Sotheby's Defeats Russian Oligarch in Art Fraud Case
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Daniel Kornstein, a lawyer for Rybolovlev, said the case "achieved our goal of shining a light on the lack of transparency that plagues the art market. Furman dismissed fraud-based claims over the other 11 works, including art from Pablo Picasso, Auguste Rodin and Henri de Toulouse-Lautrec. Rybolovlev was allowed to sue over "Salvator Mundi" even though his ownership had proven unusually profitable. Rybolovlev went on to sell "Salvator Mundi" at Christie's in 2017 for $450.3 million, a record price for an artwork at auction. The case is Accent Delight International Ltd et al v Sotheby's et al, U.S. District Court, Southern District of New York, No.

Persons: oligarch Dmitry Rybolovlev, Rybolovlev, Sotheby's, Yves Bouvier, Salvator Mundi, Leonardo da Vinci, Bouvier, Daniel Kornstein, Jesse Furman, Gustav Klimt, Rene Magritte, Amedeo Modigliani, Furman, Pablo Picasso, Auguste Rodin, Henri de Toulouse, Lautrec, Jonathan Stempel, Bill Berkrot Organizations: YORK, Forbes, AS Monaco soccer, Court, Southern District of Locations: Swiss, Manhattan, U.S, Christie's, Southern District, Southern District of New York, New York

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