Page 2 - David Bitton News Today

Russian billionaire says Sotheby’s responsible for what his lawyers said was the loss of over $160-million

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.” The […]

Lawyers for Russian billionaire Dmitry Rybolovlev claim Sotheby’s executives helped art broker Yves Bouvier defraud him out of tens of millions of dollars through sales of paintings by famed artists.

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Sotheby’s defended itself at a trial Monday against accusations that it helped defraud a Russian oligarch out of tens of millions of dollars, saying it knew nothing of wrongdoing by an art buyer who advised the billionaire on buying works by famed artists like Amedeo Modigliani and Leonardo da Vinci.

​Shudofsky said the fertilizer magnate, a savvy businessman who has run highly successful businesses, had "good reason to be angry with himself" after spending hundreds of millions of dollars to buy art masterpieces without taking "the most basic steps" to protect himself from a broker who cheated him.

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Dmitry Rybolovlev had accused a Swiss art dealer of overcharging him by nearly $US1 billion while purchasing 38 paintings on his behalf. One of the pieces also had authenticity concerns.

Two powerful art world billionaires, Dmitry Rybolovlev and Yves Bouvier, have finally settled their decade-long art feud.

The Russian oligarch had accused the Swiss businessman of swindling him out of €1.1bn by overcharging him on art