The businessman and art collector is suspected of manipulating the local legal system in his dispute with art dealer Yves Bouvier.
Dmitry Rybolovlev. Photo: imago/PanoramiC/TASS/The Art Newspaper
Dmitry Rybolovlev, a Monaco-based Russian businessman, has been detained for questioning at the request of the country’s court. He is accused of corruption and influence peddling in two areas of his personal interests – football and art, according to the Art Newspaper.
According to French media, Rybolovlev is involved in a fraud over financing his Monaco football club. “Influence peddling” probably means pressure Dmitry Rybolovlev (also via his lawyer) was putting on the local judicial authorities in the dispute with his art dealer Yves Bouvier. Bouvier had been arrested previously. The new investigation will try to figure out if the arrest was legal.
The dispute between the collector and his art dealer began several years ago. The Russian businessman claims Bouvier misrepresened his role and defrauded him of $1 billion when he helped Rybolovlev acquire 38 artworks for about $2 billion. Rybolovlev thought Bouvier was acting as his agent and did not know about his huge gains. Bouvier said he acted as an art dealer, so he could set prices he wanted. When Dmitry Rybolovlev began to sell his collection, he found proofs that Bouvier had overcharged him – artworks brought Rybolovlev less money than he had paid for them. However, the allegation does not look as strong after Leonardo da Vinci‘s Salvator Mundi was sold for $450.3 million (Bouvier purchased it for $80 million at a private Sotheby's sale and sold it to Rybolovlev for $127.5 million). Investigators in the US closed the case against Bouvier. Rybolovlev then sued Sotheby's.
Criminal cases against Yves Bouvier remain open in Switzerland, France and Monaco. Dmitry Rybolovlev was detained for questioning for 48 hours.
Subscribe to our mailing list: