The incredible legal drama involves Dmitry Rybolovlev, a Russian billionaire, who slapped the famous auction house with the lawsuit against a Swiss entrepreneur over 380$ million in fraud damages.
A Russian billionaire against Sotheby’s
Rybolovlev claims that the art dealer Yves Bouvier owes him a low of money, about $1 billion. He is a Russian billionaire who sold Fertilizer producers and has been pursuing a Swiss entrepreneur for a few years.
Rybolovlev accused him of overcharging on thirty eight artworks that he bought from Bouvier. According to the source, he sued Sotheby’s in the federal court in NY because the famous auction house assisted the giant art fraud materially.
He says that a Swiss entrepreneur lied to him about the cost of buying artworks and pocketed a difference in the price. Rybolovlev states that Sotheby’s made the biggest art fraud of all times possible intentionally and knowingly. The reason is that the auction house knew how much Yves Bouvier paid sellers.
Sotheby’s denies a fault and claims that Rybolovlev’s allegations are false. Jointly with Bouvier, the auction house sued a Russian billionaire in Geneva to block his planned lawsuit in the UK.
The lawsuit in NY may let Rybolovlev’s lawyers use the documents produced by Sotheby’s during the legal proceeding linked with the Bouvier-Rybolovlev feud in Europe.
Bouvier says that he wasn’t the agent of Rybolovlev. He only bought paintings and resold them to other Russian business owners.
According to court papers, the auction house knew that he represented a Russian billionaire.