Dmitry Rybolovlev, ranked as the 180th richest person globally with an estimated fortune of $11.4 billion, is set to accuse Sotheby’s of aiding art dealer Yves Bouvier in a scheme that allegedly misled him into overpaying for artworks, including the renowned ‘Salvator Mundi’ by Leonardo da Vinci.
Rybolovlev, known for his wealth in potash fertilizer and ownership of AS Monaco, is suing Sotheby’s in New York, claiming the auction house inflated the estimated values of artworks, including pieces by Gustav Klimt, Amedeo Modigliani, and René Magritte. The legal battle stems from Rybolovlev’s discovery that art broker Yves Bouvier, who assisted in acquiring the artworks, allegedly deceived him by purchasing the works at a lower price and charging him a significantly higher amount, leading to claims of fraudulent practices.
The legal saga spans multiple jurisdictions. Rybolovlev initiated legal action against Bouvier in various countries, accusing the art adviser of misleading him over the value of 38 artworks. Last month, Rybolovlev and Bouvier settled the claims out of court, leaving Sotheby’s in the spotlight.
The case, scheduled in Manhattan federal court, alleges that Sotheby’s “aided and abetted Bouvier in committing fraud and breaching his fiduciary duties.” Sotheby’s denies the accusations, asserting adherence to legal requirements and industry best practices.
US District Court Judge Jesse Furman ruled that Sotheby’s must face fraud-related claims on the sales of four works: ‘Salvator Mundi,’ ‘Tête,’ ‘Wasserschlangen II,’ and ‘Le Domaine d’Arnheim,’ paving the way for a trial beginning this week.
A Sotheby’s spokesperson has denied any knowledge of alleged misconduct, insisting on adherence to legal requirements and financial obligations during the artwork transactions, according to The Guardian.
Rybolovlev sold ‘Salvator Mundi’ for $450 million in 2017, making it the most expensive painting ever sold. The painting, now owned by Mohammed bin Salman, has faced authenticity concerns, delaying its planned showcase in a Louvre gallery in Abu Dhabi.
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