A high-profile tussle between billionaire art enthusiasts Justin Sun and David Geffen has thrust the secretive art market into the public eye. The conflict centers on a coveted Alberto Giacometti sculpture, “Le Nez” (“The Nose”), which both claim ownership of, revealing the intricacies and opacity of the world of elite art transactions.
Billionaires Clash Over Giacometti Sculpture, Revealing Hidden Art Trade Secrets
Billionaires Clash Over Giacometti Sculpture, Revealing Hidden Art Trade Secrets
A legal dispute between art collectors Justin Sun and David Geffen exposes the complexities of the high-stakes art market.
In recent court proceedings in New York, Sun, a Chinese crypto entrepreneur and founder of Tron, has filed a lawsuit asserting that a previously trusted adviser illicitly sold the sculpture to Geffen for a fraction of its value, without his consent. The lawsuit claims the adviser forged documents and invented a nonexistent lawyer to facilitate the sale.
Sun had acquired the sculpture for an astonishing $78.4 million at a 2021 auction. In contrast, Geffen bought it last year while it was temporarily displayed at the Giacometti Institute in Paris. Geffen has countered Sun’s claims, accusing him of fabricating a convoluted ruse due to regrets over the sale’s outcome.
The case adds layers of intrigue, involving allegations against an adviser whose status remains unclear, especially amid speculation about their detention in China. The intricacies of this dispute highlight the often murky waters of the art market, marked by unregulated agents, extraordinary deals made over handshakes, and an overall culture of secrecy.
Sun had acquired the sculpture for an astonishing $78.4 million at a 2021 auction. In contrast, Geffen bought it last year while it was temporarily displayed at the Giacometti Institute in Paris. Geffen has countered Sun’s claims, accusing him of fabricating a convoluted ruse due to regrets over the sale’s outcome.
The case adds layers of intrigue, involving allegations against an adviser whose status remains unclear, especially amid speculation about their detention in China. The intricacies of this dispute highlight the often murky waters of the art market, marked by unregulated agents, extraordinary deals made over handshakes, and an overall culture of secrecy.
