Art
Russian oligarch Dmitry Rybolovlev loses suit accusing Sotheby’s of art fraud
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.
A jury after several hours of deliberations found for Sotheby’s on all counts in Rybolovlev’s civil suit. The case related to more than $100 million in purchases the 57-year-old fertilizer magnate made through art buyer Yves Bouvier.
Bouvier for more than a decade had acted as the billionaire’s agent, helping him buy 38 masterworks for more than $2 billion.
Rybolovlev’s suit in U.S. District Court in Manhattan said he believed that Bouvier was conducting “hard-fought negotiations with sellers” on his behalf, when in reality, he was inflating the actual sales prices by nearly 100%.
The suit said Sotheby’s, as a broker for the transactions, helped Bouvier “justify the fraudulent prices he charged” Rybolovlev’s companies Accent Delight International Limited and Xitrans Finance Limited.
“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.
Among the four artworks that were the subject of the trial was the Leonardo da Vinci painting “Salvator Mundi,” which Bouvier purchased from Sotheby’s for $83 million only to sell it a day later to Rybolovlev for $127.5 million. Rybolovlev later sold the piece at an auction through Christie’s in 2017 for $450.3 million, a record price for a painting.
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.”
“Sotheby’s didn’t know anything about those lies,” Shudofsky said. “Sotheby’s had no knowledge of and didn’t participate in any misconduct.”
After the verdict on Tuesday in its favor, the auction house in a statement said the decision “reaffirms Sotheby’s long-standing commitment to upholding the highest standards of integrity, ethics, and professionalism in all aspects of the art market.”
“We are grateful to the jury for its verdict, which totally vindicates Sotheby’s of any alleged misconduct,” Sotheby’s said.
“Throughout the trial, there was a glaring lack of evidence presented by the plaintiff and, as has been clear from the beginning, Sotheby’s strictly adhered to all legal requirements, financial obligations, and industry best practices during the transactions of these artworks.”
Rybolovlev’s lawyer Daniel Kornstein said, “This case achieved our goal of shining a light on the lack of transparency that plagues the art market. That secrecy made it difficult to prove a complex aiding and abetting fraud case.”
“This verdict only highlights the need for reforms, which must be made outside the courtroom,” Kornstein added.
Rybolovlev, who bought a Palm Beach, Florida, mansion from former President Donald Trump in 2008 for $95 million, settled his claims against Bouvier for undisclosed terms, the art buyers’ lawyers said last month.
Bouvier’s lawyers in a statement to the Associated Press earlier this month said Rybolovlev’s legal claims against him had been rejected “by authorities around the world” in nine legal cases filed in Singapore, Hong Kong, New York, Monaco and Geneva.
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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”
On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.
Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”
The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.
Blaze in the West Wing
The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.
About Somerset House
Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.
Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.
Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.
Sudbury’s annual art and music festival is marking a significant milestone this year, celebrating its long-standing impact on the local cultural scene. The festival, which has grown from a small community event to a major celebration of creativity, brings together artists, musicians, and visitors from across the region for a weekend of vibrant performances and exhibitions.
The event features a diverse range of activities, from live music performances to art installations, workshops, and interactive exhibits that highlight both emerging and established talent. This year’s milestone celebration will also honor the festival’s history by showcasing some of the artists and performers who have contributed to its success over the years.
Organizers are excited to see how the festival has evolved, becoming a cornerstone of Sudbury’s cultural landscape. “This festival is a celebration of creativity, community, and the incredible talent we have here in Sudbury,” said one of the event’s coordinators. “It’s amazing to see how it has grown and the impact it continues to have on the arts community.”
With this year’s milestone celebration, the festival promises to be bigger and better than ever, with a full lineup of exciting events, workshops, and performances that will inspire and engage attendees of all ages.
The festival’s milestone is not just a reflection of its past success but a celebration of the continued vibrancy of Sudbury’s arts scene.
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