The epic international vitriolic battle between the Russian fertilizer billionaire-Dmitry Rybolovlev and entrepreneurial Swiss art dealer- Yves Bouvier has come into consideration for the big claiming lawsuits this time.
The controversial battle turned a new phase when Dmitry filed a claim for $US380 million ($528 million) lawsuit in New York for overcharging the artwork.
Like any other business fraud, Art fraud can be referred to the act of false representation of the artist, age, origins, or selling the artwork at unduly price, ownership of a work of art that belongs to any other in order to reap personal financial gains.
According to the recent polls, the claim has been considered as one of the largest art fraud in history.
The Russian businessman and investor – Dmitry Rybolovlev who is also a former President of Monaco’s football club AS Monaco sold two Russian fertilizer producers for almost $US7.5 billion in 2010 and 2011.
Rybolovlev accused Bouvier of overcharging him on 38 artworks that he purchased for $US2 billion over more than a decade.
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According to the Manhattan federal court papers, the charge filed against the auction house Sotheby’s claims that Bouvier the alleged culprit acquires the paintings at lower prices and then represented before selling them to Rybolovlev at inordinately marked up rates, fraudulently pocketing millions for him.
Also, The allegations state “Sotheby’s conduct was willful, wanton, reckless and intentional.”
Rybolovlev’s representative filed a complaint against Sotheby’s inflated price seeking $380m in damages, and misleadingly appraising works plus interest.