Swiss Billionaire Jacob Safra Sues Christie’s Over $100M Art Collection Mishandling
Swiss financier Jacob Safra has filed a lawsuit against Christie’s, alleging mismanagement and devaluation of his $100M art collection, including Einstein’s love letters and Old Master paintings.
In a stunning legal battle, Swiss financier and collector Jacob “Jacqui” Safra is suing Christie’s for allegedly devaluing and mismanaging his multimillion-dollar art collection, which includes Old Master paintings, antiques, and rare Einstein love letters. Filed in New York State Supreme Court, the lawsuit accuses the auction giant of bad faith, financial mismanagement, and breach of fiduciary duty.
At the heart of the dispute is a $63 million advance agreement, under which Christie’s allegedly failed to properly market Safra’s collection. One major controversy surrounds Einstein’s love letters, which sold for just £350,000 ($436,000)—far below their £1 million ($1.25 million) estimate and less than what Safra originally paid for them in 1996. He also claims that key works, including Officer in a Red Beret, were wrongly attributed, causing their values to plummet by as much as 90%.
Safra further alleges that Christie’s delayed processing auction proceeds, allowing them to collect undue interest while failing to pay him promptly. He is now seeking damages equal to the fair market value of his collection, plus interest.
Christie’s has denied any wrongdoing, stating that the sales were conducted in accordance with their agreement. Meanwhile, the legal battle is heating up, with 25 more lots from Safra’s collection scheduled for auction in early February.
This high-profile lawsuit could shake confidence in the auction market, with collectors now questioning whether even the biggest names in the art world can be trusted to protect their investments.
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