Posted 1/31/2024, 5:37:50 PM
Russian Billionaire Loses $1 Billion Art Fraud Lawsuit Against Sotheby's
- Russian billionaire Rybolovlev was allegedly defrauded of over $1 billion by art adviser Bouvier, who charged huge markups on paintings
- Rybolovlev sued Sotheby's for aiding Bouvier's fraud, but the jury found Sotheby's not guilty
- The art market is notoriously opaque, allowing middlemen to take advantage of buyers
- Rybolovlev failed to protect himself by delineating his arrangement with Bouvier in writing
- The case highlights the "caveat emptor" nature of the art world; collectors must beware