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Legal Art Market

All articles tagged with #legal art market

legal-art-market1 year ago•2 min saved

"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.

via The Associated Press|

#art-fraud #art-market-transparency #dmitry-rybolovlev

legal-art-market1 year ago•3 min saved

Russian Oligarch's Art Fraud Suit Against Sotheby's Ends in Defeat

Russian billionaire Dmitry Rybolovlev lost a lawsuit against Sotheby's, accusing the auction house of helping an art buyer defraud him by overpaying for art. The jury found for Sotheby's on all counts, relating to over $100 million in art purchases. The case involved art buyer Yves Bouvier, who allegedly inflated prices, with Sotheby's allegedly helping justify the fraudulent prices. Sotheby's denied any knowledge or participation in misconduct. Rybolovlev settled claims against Bouvier, and his lawyer highlighted the need for art market reforms.

via CNBC|

#art-fraud #art-market #dmitry-rybolovlev

legal-art-market2 years ago•3 min saved

"Billionaire Art Collector Accuses Sotheby's of Cheating in $2 Billion Purchase"

Russian billionaire Dmitry Rybolovlev accuses Sotheby's of colluding with a Swiss art dealer to cheat him out of tens of millions of dollars, testifying tearfully in court about feeling betrayed and emphasizing the need for transparency in the art market. He claims Sotheby's knew or should have known about the alleged fraud and seeks to hold them accountable for his losses. Sotheby's denies the allegations, arguing that Rybolovlev is trying to make an innocent party pay for someone else's actions. The trial revolves around the purchase of several art pieces, including the famous Leonardo da Vinci painting "Salvator Mundi," and has drawn attention to murky practices in the high-stakes art world.

via Yahoo News|

#art-market #fraud #lawsuit