Monaco, MC
broken clouds
10.9 ° C
12.8 °
9.4 °
15 °
14 °
13 °
12 °
13 °
Breaking News

Alain Ducasse’s restaurant Louis XV honoured for delivering the “perfect dining experience”

Rybolovlev appears to win latest round in art case

Rybolovlev appears to win latest round in art case

By Staff Writer - August 30, 2017

Dmitry Rybolovlev Photo: Francknataf
Dmitry Rybolovlev Photo: Francknataf

A US Court of Appeals judge has affirmed an earlier ruling ordering that documents related to Dmitry Rybolovlev’s art purchases in the US be released in order to be used in the case pending in Monaco, a move that can be seen as encouraging for the Russian billionaire in his long-running legal tussle with art dealer Yves Bouvier.

Mr Rybolovlev’s lawyers are said to believe that the documents will reveal details of sales brokered by Mr Bouvier that they claim were subject to considerable mark-ups that their client was not aware of.

The feud between Mr Rybolovlev, the majority owner of Monaco’s soccer team, and the so-called “freeport king” can be tracked back to one high-profile purchase out of many: that of Leonardo da Vinci’s Christ as Salvator Mundi.

Mr Rybolovlev bought the work for $127.5 million in 2014, but soon afterwards learned that the picture had sold for considerably less, between $75 million and $80 million, according to a report in the New York Times He was also surprised to learn that Sotheby’s was an additional intermediary involved in the transaction.

In the original suit filed last year, Mr Rybolovlev alleges through his companies Accent Delight and Xitrans Finance “that Bouvier’s account of the sale was entirely false, that he failed to disclose Sotheby’s role, and that he inflated the purchase price in order to pocket the $52 million difference.”

The suit also claims that Mr Bouvier lied about prices for 37 other artworks and defrauded Mr Rybolovlev to the tune of $1 billion over the course of their 11-year relationship.

Bouvier was arrested in Monaco on his way to see the billionaire more than two years ago and was kept in custody for several days. Meanwhile, his Paris-based lawyer, Ron Soffer has claimed that the latest court ruling is nothing new. “The Rybolovlev camp has had these documents for months and gave them to the Monaco judge months ago,” he told artnews.


Marta in Monaco a starter in TF1 prime-time adventure

Street art meets Monaco … and the Prince


Previous articleFrance announces tax cut timetable
Next articlePlayers ‘stolen’ from us, says Jardim


November 11, 2019 | Business & Finance

Hiroshima survivor shares story with Monaco

Stephanie Horsman

A rare survivor of the nuclear blast that effectively ended World War II in the Pacific has spoken to a group of mesmerised students and staff members at Lycée Albert I. Organised by the International Campaign to Abolish Nuclear Weapons (ICAN), The high school’s history and geography class were told the incredible and sad true […]

October 23, 2019 | Business & Finance

October is breast cancer awareness month

Stephanie Horsman

October has come to be known as ‘Pink October’ and many Monegasque organisations, as well as the government, are supporting the cause. Roughly two million women were diagnosed with breast cancer last year worldwide and of those an estimated 627,000 will die from the disease. That comes out to 15% of all cancer deaths for […]

October 22, 2019 | Business & Finance

Monaco Embassies in USA and Canada meet in Seattle

Cassandra Tanti

A joint meeting was held last week between the Monegasque Ambassador to the US and Honorary Consuls from nine major North American cities to discuss collaborative efforts for the next calendar year. Considered one of America’s greenest cities, Seattle was the setting for the confluence and attracted the Monaco representatives for its achievements regarding environmental […]

October 22, 2019 | Business & Finance

Tribute to Princess Grace

Cassandra Tanti

The Princess Grace Foundation-USA will be paying tribute to their namesake, Princess Grace of Monaco, during a special fundraising gala this November. The celebration will mark the 90th anniversary of the birth of the Hollywood icon and beloved Princess of Monaco. Known throughout the world as a humanitarian, philanthropist, and artist, Princess Grace was committed to […]