As Russian billionaire Dmitry Rybolovlev continues his legal battle against art agent Yves Bouvier, he has now turned his sights on Sotheby’s pocket. A quick recap…Rybolovlev purchased 38 masterpieces (12 of which passed through Sotheby’s), totaling over $2 billion, from Bouvier between 2003 and 2014 and believes he was overcharged. Rybolovlev is seeking $380 million from Sotheby’s for their part in Bouvier’s elaborate fraud scheme… now known as The Bouvier Affair. The auction house filed suit almost a year ago, in Switzerland, claiming they’ve done no wrong and will defend their company and employees against Rybolovlev’s baseless claims.
While Yves Bouvier and his lawyers have not commented on the current case, they have stated in the past that there was never a written agreement binding [Bouvier] as an agent for Rybolovlev’s companies with fiduciary duties, meaning Bouvier was free to sell the art to Rybolovlev at any price he agreed to pay.