Loading ...Tearful Russian billionaire who spent $2 billion on art tells jurors Sotheby’s cheated him
A Russian billionaire who accused Sotheby’s of teaming up with a Swiss art dealer to cheat him of tens of millions of dollars became tearful while testifying in court and calling for more transparency in the art market
Rybolovlev is trying to hold Sotheby’s responsible for what his lawyers said was the loss of over $160 million. His legal team said Bouvier pocketed the sum by buying famous artworks from Sotheby’s before selling them to Rybolovlev at marked up prices. In all, Rybolovlev spent about $2 billion on art from 2002 to 2014 as he built a world-class art collection.
When asked by his lawyer why he sued Sotheby’s, Rybolovlev said: “So it’s not an issue of money. Well, not only of money. It’s important for the art market to be more transparent. Because … when the largest company in this industry is involved in actions of this sort, you know, clients don’t stand a chance.”