Overview

• Dmitry Rybolovlev, a Russian billionaire, has accused Sotheby's of colluding with Swiss art dealer Yves Bouvier to overcharge him by $1 billion for artworks.
• Rybolovlev alleges that Bouvier bought famous artworks from Sotheby's and then sold them to him at marked up prices, leading to a loss of over $160 million.
• Rybolovlev's suspicions were aroused when he discovered discrepancies in the prices reported by media outlets and the prices he paid for artworks.
• Rybolovlev's legal team argues that Sotheby's either knew or should have known that Rybolovlev was being cheated and should have notified him.
• Sotheby's defense argues that Rybolovlev did not exercise due diligence in his art purchases and that he is trying to make an innocent party pay for his lack of scrutiny.