Russian billionaire Dmitry Rybolovlev lost a lawsuit against Sotheby’s, alleging the auction house aided an art buyer in defrauding him by overpricing artworks. The jury ruled in favor of Sotheby’s, rejecting Rybolovlev's claims that Sotheby’s knowingly participated in inflating prices.
The case centered on purchases made through art buyer Yves Bouvier, who had been Rybolovlev’s agent for buying art. The lawsuit claimed Bouvier inflated prices, with Sotheby’s allegedly aiding in justifying these inflated prices. Notably, the Leonardo da Vinci painting "Salvator Mundi" was involved, bought by Bouvier for $83 million and sold to Rybolovlev for $127.5 million, later resold for a record $450.3 million.
Sotheby’s maintained innocence, emphasizing adherence to legal and ethical standards. Rybolovlev's lawyer highlighted the lack of transparency in the art market, calling for reforms. Rybolovlev settled with Bouvier previously, while Bouvier’s lawyers cited previous legal rejections of Rybolovlev's claims globally.