Internationally recognised art and literary critic, writer and cultural producer. Published in ELLE, Glamour, Esquire and Cosmopolitan; member of the Union of Writers.
It is a painting that has captivated the world for centuries. A portrait of Christ, holding a crystal orb in his left hand and blessing the viewer with his right. A masterpiece of light, shadow, and expression, attributed to the greatest artist of all time, Leonardo da Vinci. A work of art that was once lost, then found, then sold for a record-breaking price of £360 ($450) million in 2017, making it the most expensive painting ever sold.
But behind the scenes of this historic auction, a bitter legal dispute has been raging for years, pitting a Russian billionaire against a prestigious auction house, and exposing the dark side of the art market. A dispute that could change the way art is bought and sold, and the way art history is written.
The billionaire is Dmitry Rybolovlev, a former fertilizer tycoon who made his fortune during the chaotic privatization of Russia’s natural resources in the 1990s. Rybolovlev, who is worth $8.4 billion according to Forbes, is an avid art collector, who owns works by Picasso, Monet, Rothko, and Modigliani, among others. He is also the owner of the French soccer club AS Monaco, and the former owner of a Palm Beach mansion that he bought from Donald Trump in 2008 for $95 million.
The auction house is Sotheby’s, one of the oldest and most respected institutions in the art world, founded in London in 1744. Sotheby’s, which is owned by French-Israeli billionaire Patrick Drahi, has a global network of offices, experts, and clients, and handles some of the most important and valuable artworks in history. Sotheby’s, which had a revenue of $4.8 billion in 2023, is also known for its philanthropic and educational activities, such as supporting museums, scholarships, and research.
The painting is Salvator Mundi, or Savior of the World, a rare and controversial work by Leonardo da Vinci, the Renaissance genius who painted the Mona Lisa, the Last Supper, and the Vitruvian Man. Salvator Mundi is one of fewer than 20 paintings by Leonardo that are known to exist, and the only one in private hands. Its provenance, or history of ownership, is shrouded in mystery and speculation. It was painted around 1500, possibly for King Louis XII of France, and then passed through various royal and noble collections, until it disappeared in the late 18th century. It resurfaced in 1900, when it was acquired by a British collector, who mistook it for a copy by a follower of Leonardo. It was then sold in 1958 for a mere £45, or about $60, to an American buyer, who kept it in his Louisiana home for decades, unaware of its true value. It was rediscovered in 2005, when it was bought for $10,000 by a group of art dealers, who restored it and authenticated it as a genuine Leonardo. It was then exhibited in London’s National Gallery in 2011, as part of a blockbuster show dedicated to Leonardo, and hailed as the greatest artistic discovery of the 21st century.
The dispute is about the price that Rybolovlev paid for Salvator Mundi in 2013, when he bought it from Swiss art dealer Yves Bouvier for $127.5 million. Rybolovlev claims that he was overcharged by $1 billion for the painting, which he says was worth only $75 million at the time. He accuses Bouvier of inflating the prices of dozens of artworks that he sold to him over a decade, in a scheme that he calls “the largest art fraud in history”. He also accuses Sotheby’s of being complicit in Bouvier’s fraud, and of facilitating the sale of Salvator Mundi, knowing that it was grossly overpriced. He seeks to recover the difference, plus damages, from both Bouvier and Sotheby’s, in a series of lawsuits filed in various jurisdictions, including Switzerland, Monaco, Singapore, France, and the UK.
Sotheby’s denies any wrongdoing, and argues that Rybolovlev knew the market value of Salvator Mundi, and that he willingly agreed to pay the price that Bouvier asked for. Sotheby’s says that it acted as a mere intermediary in the transaction, and that it had no knowledge of the final price or the identity of the buyer. Sotheby’s also points out that Rybolovlev made a huge profit when he sold Salvator Mundi in 2017, to an anonymous buyer who is widely believed to be Saudi Crown Prince Mohammed bin Salman. Sotheby’s says that Rybolovlev’s lawsuits are baseless and motivated by revenge, and that he is trying to tarnish its reputation and undermine its business.
The case is currently being heard in a London court, where Rybolovlev is suing Sotheby’s for $380 million, the amount that he says he overpaid for Salvator Mundi and three other paintings that he bought from Bouvier with Sotheby’s involvement. The trial, which began in November 2023, is expected to last for several months, and to feature testimonies from experts, witnesses, and documents. The outcome of the case could have major implications for the art world, as it could affect the way art is valued, authenticated, and traded, and the way art dealers, auction houses, and collectors interact. It could also shed more light on the mysterious fate of Salvator Mundi, which has not been seen in public since its record-breaking sale, and which has been the subject of rumors and doubts about its authenticity, condition, and location.
The billion-dollar battle over Leonardo’s lost masterpiece is a saga that combines art, money, power, and intrigue, and that reveals the secrets and scandals of the art market. It is a story that is worthy of a painting by Leonardo himself.
