Dmitry Rybolovlev, a Russian billionaire and fertilizer magnate, testified emotionally in a Manhattan federal court, accusing Sotheby's and Swiss art dealer Yves Bouvier of collaborating to defraud him of tens of millions of dollars. The trial, known as Accent Delight International (ADI) v. Sotheby's, unfolds in the United States District Court for the Southern District of New York.
Once valued at a minimum of $7 billion, Rybolovlev expressed his trust in Yves Bouvier, the dealer through whom he acquired 38 artworks for approximately $2 billion over 12 years. Rybolovlev alleges that he overpaid by up to $1 billion for these artworks, with Sotheby's involvement in 12 sales, although only four are cited in the ongoing lawsuit.
Rybolovlev had previously pursued criminal charges against Bouvier in France, Monaco, and Switzerland, asserting that the art dealer inflated the prices of works by artists like Amedeo Modigliani, Gustav Klimt, and Mark Rothko. The legal dispute was settled out of court in December, and the terms remain undisclosed.
The billionaire now contends that Sotheby's facilitated Bouvier's deceptive practices by endorsing the artworks and providing inflated appraisals of their value. During his testimony, Rybolovlev expressed a sense of betrayal and exploitation, emphasizing the need for greater transparency in the art market.
He stated, "Sotheby's makes it difficult for people like me, who are experienced in business, to know what's going on. It's important for the art market to be more transparent because, as I've already mentioned, when the largest company in this industry [Sotheby's] is involved in actions of this sort, clients don't stand a chance."
Under cross-examination, Sotheby's lawyer, Marcus Asner, questioned Rybolovlev's business acumen and suggested that he should have exercised a similar level of diligence in his art collection endeavors. Asner also probed Rybolovlev's commitment to transparency, highlighting instances where the collector had bought and sold works anonymously.
The lawsuit raises the issue of the art market's inherent opacity and unfairness, acknowledging that Rybolovlev's demand for transparency may expose some of the industry's challenges without conclusively proving Sotheby's involvement in fraud.