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.
