In December, Bouvier’s lawyers announced that Bouvier had settled with Rybolovlev under undisclosed terms that ensure neither will comment on their past disputes.īouvier's Swiss lawyers, David Bitton and Yves Klein, said earlier this week that Bouvier “strongly objects to any allegation of fraud.” In 2017, Rybolovlev sold it through Christie’s for a historic $450 million as it became the most expensive painting ever sold at auction. Only four are at issue in the trial, including Leonardo da Vinci’s “Salvator Mundi, ” Latin for “Savior of the World,” which Rybolovlev's lawyers say Bouvier bought from Sotheby’s for $83 million, only to resell to Rybolovlev a day later for over $127 million. Rybolovlev claims he was purposefully deceived by Bouvier and a London-based executive at Sotheby's as he bought 38 art pieces. “Sotheby’s had choices, but they chose greed,' he said. Rybolovlev's lawyer, Daniel Kornstein, said in his opening that Sotheby's joined an elaborate fraud. In an opening statement earlier in the week, Sotheby’s attorney Sara Shudofsky said Rybolovlev was “trying to make an innocent party pay for what somebody else did to him.” when the largest company in this industry is involved in actions of this sort, you know, clients don't stand a chance.” It's important for the art market to be more transparent. When asked by his lawyer why he sued Sotheby's, Rybolovlev said: “So it's not an issue of money. “Because when the largest company in this industry with such a profound reputation does these actions, it makes it incredibly difficult for clients like me that have experience in business to know what's going on,” he said, supporting his lawyers' arguments that Sotheby's either knew - or should have known that Rybolovlev was getting cheated and notified him. In his testimony, Rybolovlev blamed murky practices in the blue-chip art world for leaving him damaged financially. On cross examination, a Sotheby's lawyer got Rybolovlev to admit that he trusted his advisers and didn't insist on seeing documents that might have shown exactly where his money was going, even when he bought art sometimes worth tens of millions of dollars.

In all, Rybolovlev spent about $2 billion on art from 2002 to 2014 as he built a world-class art collection. His legal team said Bouvier pocketed the sum by buying famous artworks from Sotheby's before selling them to Rybolovlev at marked up prices. Rybolovlev is trying to hold Sotheby's responsible for what his lawyers said was the loss of over $160 million. “So when you trust people, and I'm not a person who trusts easily, but when a person is like a member of your family,” Rybolovlev said as he dropped his head briefly before wiping tears from his eyes and continuing on: “There is a point in time and that you start to completely and utterly trust a person.” Once worth at least $7 billion, Rybolovlev said he trusted his dealer, Yves Bouvier. The emotional moment came as fertilizer magnate Dmitry Rybolovlev, speaking through an interpreter, completed two days of testimony in Manhattan federal court to support his lawsuit against Sotheby’s. NEW YORK (AP) - A Russian billionaire who accused Sotheby’s of teaming up with a Swiss art dealer to cheat him out of tens of millions of dollars became tearful Friday while testifying about discovering he'd been part of a con game too common in an “art market that needs to be more transparent.”

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