Why Did Russian Billionaire Hit Sotheby’s With $380m Lawsuit

The legal battle between Dmitry and Swiss art dealer, Yves Bouvier shook the art world. Russian Billionaire claimed in his lawsuit that Yves asked for huge sum of amount for Leonarod da Vinci’s masterpiece Salvator Mundi.

In reports, it’s been confirmed that Dmitry Rybolovlev was chasing Yves Bouvier across the world for several years to prove his crime. Rybolovlev accused Bouvier for overcharging him on 39 artworks that he has purchased more than $2 billion for a decade.

Rybolovlev sued Sotheby’s (an auction house) in federal court alleging that they are also involved in history’s largest art fraud.

He said Bouvier lied to him about the market value of painting and also pocketed the difference. He also added that Sotheby’s has made the fraud possible as they knew that the Bouvier paid the sellers as per the complaint.

Sotheby’s statement was, “Mr. Rybolovlev latest lawsuit was entirely without merit”. The allegations are already litigated in the Swiss courts which is a perfect venue for the case.

The lawyer of Bouvier named Daniel Walter Levy said that he couldn’t immediately commented on a new lawsuit.

Sotheby’s and Bouvier together sued Rybolovlev in Geneva in 2017 so as to block Russian’a planned lawsuit in Uk.

Among the transaction in which the Sotheby’s was involved in were opened by Amedeo Modigliani bought by Rybolovlev for $117m in 2011.  It was known by Sotheby’s that Bouvier represented Rybolovlev as per the court papers. Sotheby’s disputed that.