Among the transactions that Sotheby’s was involved in, according to the new lawsuit, were a nude by Amedeo Modigliani bought by Rybolovlev for $118 million in 2011; Gustav Klimt’s “Wasserschlangen II" bought for $183.8 million in 2012; and Leonardo da Vinci’s “Salvator Mundi” bought for $127.5 million in 2013.
Sotheby’s knew that Bouvier represented Rybolovlev, according to court papers. Sotheby’s has disputed that.
“It strategized to sell plaintiff’s art through Bouvier and approached Bouvier about new opportunities for plaintiffs,” Rybolovlev claimed in the complaint. “By brokering sales to Bouvier at certain prices, sending Bouvier emails designed to encourage plaintiffs to pay inflated prices, and misleadingly appraising works at inflated prices, Sotheby’s participated in Bouvier’s breach of his fiduciary duties to plaintiffs."
Bouvier has said that he wasn’t Rybolovlev’s agent, but bought the paintings on his own and resold them to the Russian businessman.
Sotheby’s shares have slipped 6.3 percent this year.
This article was provided by Bloomberg News.