logo
Russian Oligarch Sotheby's Trial
ASSOCIATED PRESS

Tearful Russian billionaire who spent $2 billion on art tells jurors Sotheby's cheated him

A Russian billionaire who accused Sotheby's of teaming up with a Swiss art dealer to cheat him of tens of millions of dollars became tearful while testifying in court and calling for more transparency in the art market

By LARRY NEUMEISTER
Published - Jan 12, 2024, 08:57 PM ET
Last Updated - Jan 12, 2024, 08:57 PM EST

NEW YORK (AP) — A Russian billionaire who accused Sotheby’s of teaming up with a Swiss art dealer to cheat him out of tens of millions of dollars became tearful Friday while testifying about discovering he'd been part of a con game too common in an “art market that needs to be more transparent.”

The emotional moment came as fertilizer magnate Dmitry Rybolovlev, speaking through an interpreter, completed two days of testimony in Manhattan federal court to support his lawsuit against Sotheby’s.

Once worth at least $7 billion, Rybolovlev said he trusted his dealer, Yves Bouvier.

“So when you trust people, and I'm not a person who trusts easily, but when a person is like a member of your family,” Rybolovlev said as he dropped his head briefly before wiping tears from his eyes and continuing on: “There is a point in time and that you start to completely and utterly trust a person.”

Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
4.2 12182024