Tearful Russian Billionaire Who Spent $2 Billion on Art Tells Jurors Sotheby’s Cheated Him
In a recent court case, Russian billionaire Dmitry Rybolovlev, who amassed a significant art collection worth about $2 billion, became emotional while testifying against Sotheby’s. Rybolovlev accused the auction house of collaborating with Swiss art dealer Yves Bouvier to defraud him of tens of millions of dollars. The lawsuit is centered around claims that Bouvier purchased artworks from Sotheby’s and then sold them to Rybolovlev at significantly marked-up prices, resulting in over $160 million in losses for Rybolovlev.
During his testimony, Rybolovlev, who was once worth at least $7 billion, expressed his trust in Bouvier, likening him to a family member. He emphasized the lack of transparency in the art market and blamed the murky practices for his financial losses. Rybolovlev’s legal team argues that Sotheby’s either knew or should have known about the fraud and informed him.
One of the key pieces of art in question is Leonardo da Vinci’s “Salvator Mundi,” which Bouvier allegedly bought for $83 million and sold to Rybolovlev for over $127 million. Rybolovlev later sold the painting through Christie’s for a historic $450 million, making it the most expensive painting ever sold at auction.
The case also highlights the complexity of the blue-chip art world, with allegations of fraud involving significant figures and institutions in the industry. Rybolovlev’s emotional testimony reflects the personal impact of the alleged fraud, beyond just the financial aspects.
Rybolovlev, who hasn’t lived in Russia for 30 years, was included in a list released by the Trump administration of Russian politicians and oligarchs linked to President Vladimir Putin but was not sanctioned after Russia’s attack on Ukraine.
The case against Bouvier has seen various legal developments worldwide, with all nine legal cases in Singapore, Hong Kong, New York, Monaco, and Geneva being discontinued. Bouvier’s lawyers maintain his innocence, stating that the allegations have been rejected by authorities around the world.