2024-01-31 19:18:49
But this procedure “made it possible to highlight the lack of transparency which taints the art market. »
After almost a month of trial, the verdict was in. Russian billionaire and owner of AS Monaco, Dmitri Rybolovlev, did not win his case in his legal battle against the auction house Sotheby’s, which he accused of complicity in a fraud affair.
As a reminder, Yves Bouvier, the Swiss art dealer and friend of Dmitri Rybolovlev, served as his intermediary during the purchase of master paintings. But in 2015 the owner of AS Monaco accused Yves Bouvier of having defrauded him of almost a billion Swiss francs, after the purchase of 38 works of art. 12 of them were acquired during private sales organized by Sotheby’s, and four were at the heart of the New York dispute: a Magritte, a Klimt, a Modigliani and a Leonardo da Vinci.
Sotheby’s was thus accused of having helped Yves Bouvier to overcharge for several works of art and of having concealed information which would have allowed Dmitri Rybolovlev to know that Yves Bouvier was the true owner of the works he purchased.
One name was particularly invoked during this legal battle, as reported by New York Times : that of Sam Valette, vice-president of Sotheby’s, in charge of private sales. It is he who, according to the prosecution, worked directly with Yves Bouvier, with the aim of defrauding Dmitri Rybolovlev.
« [Sotheby’s] is a company that allowed a greedy junior manager to rise through the ranks without ever being held accountable. She chose to sell her reputation, her brand, the trust we all have in these kinds of companies, to make a profit. “, would have declared one of the billionaire’s lawyers, in front of the ten members of the jury of a New York federal court.
Accusations still refuted by the auction house. Sotheby’s thus responded, still according to New York Times, that Sam Valette was a passionate, hardworking and honest art expert, only wanting to sell works at the best price to his clients. Yves Bouvier would thus never have benefited from any preferential treatment and would have been treated like any other customer. “ Instead of blaming the auction house, Rybolovlev can only blame himself », insisted the defense of Sotheby’s.
At the trial, lawyers for the auction house and Sam Valette, who testified in New York, “ have painted a dark picture of Yves Bouvier’s frauds », as reported by the specialist magazine Artnet. But Sotheby’s lawyers have always insisted that the auction house bears no responsibility.
And it is precisely on this point that the American jury was required to rule: was Sam Valette aware of Yves Bouvier’s approach? And, above all, did he help him in this sense? The question was complex. Because the jury was able to note, during this trial, the great opacity of the sector.
Towards more transparency in the art market?
After three weeks of hearings, during which testimonies from professionals in this industry followed one another, and five hours of deliberations, as reported The Wall Street Journalthe jury found that the transactions carried out by Sotheby’s could not be considered fraud.
A decision which Sotheby’s could only welcome, emphasizing “ its adherence to the highest standards of integrity, ethics and professionalism in all areas of the art market. »
« It was a long ordeal for Sotheby’sadded the auction house’s lawyer, according to The Wall Street Journal. But we are relieved to have been exonerated. »
For his part, one of the Russian billionaire’s lawyers declared: “ This procedure made it possible to achieve our objective, that is to say, to highlight the lack of transparency which taints the art market. This opacity made it difficult to establish proof in a complex case of complicity in fraud. The verdict only highlights the need for reforms outside the courts. »
Indeed, as stated Art Newsdespite the favorable verdict for Sotheby’s, several details of its internal workings and business practices were laid bare during the trial, which offered a rare insight into the secretive world of private sales of the auction houses which, these days recent years, represent a large part of the commissions of Sotheby’s and their competitors.
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