Russian Oligarch's Art Fraud Suit Against Sotheby's Ends in Defeat
TL;DR
Russian billionaire Dmitry Rybolovlev lost a lawsuit against Sotheby's, accusing the auction house of helping an art buyer defraud him by overpaying for art. The jury found for Sotheby's on all counts, relating to over $100 million in art purchases. The case involved art buyer Yves Bouvier, who allegedly inflated prices, with Sotheby's allegedly helping justify the fraudulent prices. Sotheby's denied any knowledge or participation in misconduct. Rybolovlev settled claims against Bouvier, and his lawyer highlighted the need for art market reforms.
Topics:businesslegal-art-market#art-fraud#art-market#dmitry-rybolovlev#lawsuit#legal-art-market#sothebys
- Russian oligarch Dmitry Rybolovlev loses suit accusing Sotheby's of art fraud CNBC
- Sotheby's Cleared of Art Fraud as Russian Billionaire Loses Lawsuit The Daily Beast
- Jury Finds Sotheby's Did Not Help in Any Fraud of Russian Oligarch The New York Times
- Sotheby's wins art fraud case over Russian oligarch, who claimed he was duped out of millions New York Post
- Russian billionaire loses art fraud suit against Sotheby’s over $160 million The Hill
Want the full story? Read the original reporting
Read on CNBC