[caption id="attachment_20774" align="alignnone" width="640"] Dmitry Rybolovlev Photo: Francknataf[/caption]
Sotheby’s, the prestigious auction house, is preparing to contest a legal challenge from Dmitry Rybolovlev, the Monaco resident and billionaire owner of AS Monaco.
Sotheby’s expects that the Russian tycoon will use the British courts to claim that they may have acted improperly in the long-running case involving Yves Bouvier, the Swiss art dealer.
The auction house, which has its head quarters in the US, has said it would “vigorously” fight any action brought by Rybolovlev, saying that any suggestion it had been involved in fraudulent conduct or taken part in a conspiracy to inflate the values of art works was “categorically false”.
Rybolovlev has claimed in a number of jurisdictions that Bouvier cheated him by marking up the prices of up to 40 art works. In particular, attention has fallen on Da Vinci’s Salvator Mundi, which Bouvier bought for €66 million ($80 million) at a private Sotheby’s sale, which he then sold for a reported €104 ($127 million) to the Russian.
Rybolovlev has claimed that Bouvier was acting as his agent and so had a duty not to mark up items he bought on his behalf. He has also asserted, through his lawyers, that Samuel Valette, Sotheby’s Senior Director, Vice Chairman, Private Sales Worldwide Impressionist & Modern Art, had written bullish assessments of a number of works that Bouvier forwarded on to him.
Meanwhile, Salvator Mundi was subsequently sold by the Russian for a record €382 million ($450 million) in a Christies sale.
[caption id="attachment_27387" align="alignnone" width="640"] MEB in Moscow presentation by the Consul of Monaco in Russia, Igor Yurgens. Photo: Twitter MonacoEconomicBoard[/caption]
The Monaco Economic Board (MEB), which held a three-day economic mission to Moscow on October 4, is hosting a working breakfast on Friday, February 9, on the topic of doing business in Russia.
The speaker will be Igor Yurgens, the Consul of Monaco in Moscow, an entrepreneur and Vice-President of the Russian Union of Industrialists and Entrepreneurs (RSPP).
Exceptionally qualified to lead the event, Mr Yurgens will help Monaco’s entrepreneurs and investors to better understand a country that is 30 times the size of France. After his address, Mr Yurgens will answer questions.
According to the European Parliament, Igor Yurgens graduated with a degree in economics from Moscow State University in 1974, when he began working in various positions with the international departments of the Professional Unions Central Council of the USSR and the UNESCO Secretariat.
From 1992 to 1997, he was the First Deputy Chairman of the CIS Trade Union Confederation. He later served as Co-Chairman of the Foundation for the Development of Parliamentarism in Russia (1997-1998). In 1998 he became President of the All-Russian Insurance Association (1998-2002).
Other positions held in recent years include Chairman of the Financial Markets Committee of the Russian Chamber of Commerce and Industry (2000-2009), member of Public Chamber of the Russian Federation (2007-2009) and First Vice President of the investment bank Renaissance Capital (2005-2010).
Mr Yurgens has served on the Board of Directors of numerous commercial and nonprofit organisations, including the EastWest Institute, OGK-4, National Association of Securities Market Participants (NAUFOR), New Eurasia Foundation and Sandvik – MKTC.
He is a professor at the Higher School of Economics, where he regularly holds seminars on the Particularities of Government-Business Relations in Russia. Under the editorship of Igor Yurgens, a Risk Management textbook was published in 2003.
The MEB breakfast is being held in close collaboration with HE Mireille Pettiti, Monaco's Ambassador to Russia, who organised MEB’s fall mission to Russia with Mr Yurgens.
Participants will be welcomed at the Salon Théâtre of Hôtel Métropole from 8:15 am, and Mr Yurgens will start his presentation at 8:30 am. Those interested in attending should contact the MEB at +377 97 98 68 68 before February 2. Places are limited.
[caption id="attachment_27397" align="alignnone" width="619"] Photo: Interpol[/caption]
Monaco authorities have detained the former Chairman of the Board of a Russian bank on an Interpol warrant, according to Tass, the official Russian news agency.
Vladimir Gudkov is suspected of being complicit in embezzling at least 500 million roubles, about €7.24 million, along with other senior office holders at Investtorgbank, according to respected business paper Kommersant, although Moscow’s Ministry of Internal affairs has not confirmed the name.
The alleged fraud involved the purchase and sale of mortgages between the bank and a brokerage company. Russian investigators claim that no real business was carried out by the brokerage. The case has been active since 2016. After the arrest of other suspects, Gudkov disappeared and was put on the Interpol list.