The out-of-court settlement between Russian art collector Dmitry Rybolovlev and Swiss art dealer Yves Bouvier has concluded their extensive legal disputes across multiple jurisdictions. Rybolovlev had previously alleged that Bouvier defrauded him of over €1 billion by inflating art prices. On Dec 7, Geneva’s public prosecutor, Yves Bertossa, announced the closure of the case, following the prosecutor’s earlier advice to the parties to seek a settlement due to lack of evidence for a criminal case.
The Russian oligarch Dmitry Rybolovlev, also known for owning the Monaco football club, had accused Yves Bouvier of significant overcharging in the sale of 38 artworks between 2003 and 2014. Bouvier consistently denied any misconduct, maintaining his right to set prices as a dealer, not an agent. While the details of their agreement remain confidential, Bouvier’s lawyer in Geneva, David Bitton, hailed the settlement as a total victory for Bouvier, with all charges dismissed worldwide.
Bouvier expressed relief, claiming global courts have vindicated him. He also acknowledged the judicial and law enforcement authorities for their role in ensuring justice. Notably, the dispute involved several high-profile artworks, including Leonardo da Vinci’s “Salvator Mundi.”
The legal saga saw Rybolovlev initiate actions in Monaco, Singapore, New York, and Hong Kong. In Geneva, charges against Bouvier for gang fraud and money laundering were eventually dropped due to insufficient evidence despite initial setbacks in the judicial process.
A separate but related case continues in New York, where Rybolovlev accuses auction house Sotheby’s of aiding Bouvier in the alleged fraud. This case, involving claims against Sotheby’s for assisting in overcharging for 15 artworks, including the “Salvator Mundi,” is set for trial. Sotheby’s, denying any involvement in the fraud, is not implicated in the New York litigation involving Bouvier.