Skip to playerSkip to main contentSkip to footer
  • 1/9/2024
Russian billionaire Dmitry Rybolovlev is suing Sotheby's, claiming the auction house helped defraud him out of tens of millions of dollars in art deals. Rybolovlev relied on art broker Yves Bouvier for purchases, who allegedly inflated prices without Rybolovlev's knowledge and pocketed millions in undisclosed markups. Works involved in the alleged fraud include paintings by Picasso, Modigliani, Klimt, Magritte, and Leonardo da Vinci's "Salvator Mundi." Rybolovlev spent over $2 billion on art purchases from 2002-2014, facilitated by Bouvier.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Russian billionaire Dmitry Rybalovyev is suing Sotheby's, claiming the auction house helped
00:07 defraud him out of tens of millions of dollars in art deals.
00:11 Rybalovyev relied on art broker Yves Bouvier for purchases, who allegedly inflated prices
00:17 without Rybalovyev's knowledge and pocketed millions in undisclosed markups.
00:22 Works involved in the alleged fraud include paintings by Picasso, Modigliani, Klimt, Magritte,
00:27 and Leonardo da Vinci's Salvatore Mundi.
00:31 Rybalovyev spent over $2 billion on art purchases from 2002 to 2014, facilitated by Bouvier.
00:37 Sotheby's denies knowledge of any wrongdoing by Bouvier.
00:40 Its lawyer said Rybalovyev failed to properly protect himself in the high-stakes transaction.
00:46 [BLANK_AUDIO]

Recommended