WASHINGTON (dpa-AFX) - The trial of Russian oligarch Dmitry Rybolovlev's art fraud case against Sotheby's began on Monday before U.S. District Judge Jesse Furman in Manhattan, seeking more than $232.5 million in damages. The complainant claims that the auction house had 'materially assisted the largest art fraud in history.'
The case dates back to the period from 2002 to 2014 when Rybolovlev spent over $2 billion acquiring world-class artworks from around the world through his two companies: Accent Delight International Limited and Xitrans Finance Limited. During this period, Rybolovlev met Yves Bouvier, an art broker who assured the businessman that he could save more money by handling art negotiations for a commission of 2%.
However, Bouvier turned out to be a conman, who purchased arts from Sotheby's and sometimes doubled the price before he resold the art to the Russian businessman, Rybolovlev's lawyer said, 'Over the years, Bouvier pocketed $164 million through 'secret markups' and $6.4 million through commission.'
The legal battle began in 2015, during which Rybolovlev accused Bouvier of defrauding him through sale of 38 art pieces, including Picasso's 'Homme Assis au Verre' and Rodin's 'Le Baiser'.
Among the art pieces in the trial was da Vinci's 'Salvator Mundi', which was bought by Bouvier from Sotheby's for $83 million and later resold to Rybolovlev for over $127 million. The Russian billionaire sold it for a record price of $450 million in 2017, making it the most expensive painting ever sold in auction.
Over the years, the case between Rybolovlev and Bouvier had been fought in New York, Singapore and Switzerland and was finally settled in December under undisclosed terms.
The case against Sotheby's was filed in 2018 in Federal Court in New York for allegedly participating in art fraud. However, in March 2023 the court dismissed most of the allegations against the auction house, but it still faces the accusations of abetting and aiding fraud in purchase of five art pieces.
During the trial, Sotheby's attorney Sara Shudofsky told the jury that billionaire Dmitry Rybolovlev was 'trying to make an innocent party pay for what somebody else did to him.' She further said that the business man had good reason to be angry with himself after spending hundreds of millions of dollars to buy art masterpieces without taking 'the most basic steps' to protect himself from a broker who cheated 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.'
Sotheby's attorney further said that,'If Mr. Rybolovlev has a valid gripe, it's against Bouvier, not Sotheby's, because Mr. Rybolovlev is claiming that Bouvier's the one who allegedly lied to him about the prices he, Bouvier, paid to buy the art.'
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