Legal Art Market News

"Russian Billionaire's Art Fraud Suit Against Sotheby's Dismissed"

Russian billionaire Dmitry Rybolovlev lost a legal battle against Sotheby's, alleging that the auction house helped a Swiss art dealer cheat him out of over $160 million by imposing huge markups on works he acquired, including the famous painting "the lost Leonardo." The jury sided with Sotheby's, which maintained it knew nothing of any misconduct and emphasized its commitment to integrity and professionalism in the art market. Rybolovlev's lawyer called for reforms in the art market, while Sotheby's lawyer argued that the businessman didn't take enough steps to guard against being conned.