The owner of a soccer club and a Russian business tycoon sued Sotheby’s for $380 billion and alleged that the famous auction house helped his former art agent to defraud him. The lawsuit if filed in the NY federal court.
Rybolovlev’s lawsuit against Sotheby’s
The lawsuit filed by Rybolovlev continues a long-term dispute between his and Yves Bouvier, a Swiss entrepreneur. A Russian billionaire claims that he was overcharged by the art agent when purchasing 38 paintings. He spent over $2 billion for these masterpieces, and Sotheby’s was involved in twelve transactions based on the lawsuit.
Yves Bouvier denies any wrongdoing from his side, while the auction house states that the lawsuit is a baseless claim. According to it, a Swiss agent arranged the biggest art fraud and Sotheby’s made it possible because it instilled Rybolovlev with confidence.
Sotheby’s filed a lawsuit against a Russian billionaire about a year ago to prove that it didn’t do anything wrong. Read more on https://www.law360.com/whitecollar/articles/1088804/sotheby-s-helped-art-dealer-overcharge-1b-tycoon-says.
Bouvier’s lawyer didn’t comment on the Rybolovlev litigation, but he portrayed legal actions against his customer as the terror campaign to make him capitulate. There was no written agreement, and it means that a Swiss entrepreneur was free to sell artworks at any price.
Unlike the case in Europe, this lawsuit doesn’t include charges against the art agent. Rybolovlev filed a complaint against the auction house to seek $380 million in fraud damages.