Lawsuit Resolution Against Sotheby's Auction House
The billionaire from Russia, Dmitri Rybolovlev, faced defeat in a lawsuit against Sotheby’s auction house. The oligarch accused the auction house of collaborating with Swiss art dealer Yves Bouvier to mislead him into paying inflated prices for four artworks, as detailed in The Guardian’s report. Among them was Leonardo da Vinci’s Salvator Mundi, which later became the most expensive artwork ever auctioned.
In March of last year, U.S. District Judge Jesse Furman granted Rybolovlev permission to pursue fraud claims regarding works by da Vinci, Gustav Klimt, Rene Magritte, and Amedeo Modigliani. Initially, the allegations involved hidden markings on 15 artworks, but Furman dismissed the claims for 11 pieces, including works by Pablo Picasso, Auguste Rodin, and Henri de Toulouse-Lautrec.
The court documents state that Bouvier bought da Vinci’s painting for $83 million in 2013 and sold it the next day to Rybolovlev for $127.5 million. Rybolovlev then sold Salvator Mundi at Christie’s in 2017 for $450.3 million, and the buyer was Mohammed bin Salman, the crown prince of Saudi Arabia.
Bouvier was not charged and believes he did nothing wrong. Last month, Bouvier and Rybolovlev reached a settlement, resolving all their disputes.
Behind the scenes, the dramas of the art trade reveal that the world’s most expensive artworks are not only about art but also about the trade of immense wealth. As the sword of justice falls, we are left to ponder whether the truth in art flourishes or is entangled in the endless mess of commercial battles.
If you are interested in knowing more, you can also read the fascinating story of ‘The Last da Vinci‘ or the recently released documentary ‘The Lost Leonardo‘, which charts the history of the painting.
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