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The Journal.

A Russian Billionaire, an Art Dealer and an Epic Feud

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 26 January 2024

⏱️ 20 minutes

🧾️ Download transcript

Summary

Russian billionaire Dmitry Rybolovlev owned art by da Vinci, Picasso and Magritte. But over more than a decade, he says his trusted art dealer defrauded him by as much as $1 billion. WSJ’s Kelly Crow tells us about the case that Rybolovlev alleges is the biggest art fraud in history. Further Listening: - The Basquiat Sisters on Managing One of Art's Hottest Brands - How an Antiques Dealer Uncovered a Massive Museum Heist Further Reading: - Fraud, or Just a Bad Deal? Oligarch and Sotheby’s to Battle in Court Over Rarefied Art Trade Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Around 2002, a Russian businessman named Dimitri Rubolove-Lev was touring a mansion he just bought in Geneva, Switzerland.

0:17.0

As he and his family were walking through, a piece of art by a famous modernist painter caught his eye.

0:24.0

They noticed that the previous owner had a Shagal hanging on the wall.

0:29.0

So Dimitri Rablovlev is super smitten by the Shagal and so he thinks man I'd love to own a Shagal is that even possible now well gosh I do have the money

0:40.1

That's our colleague Kelly Crow.

0:43.0

As he's walking through the house, he also notices that there are

0:46.0

spotlights festooned throughout the house

0:50.0

where other paintings should have gone.

0:52.0

And so he thinks, gosh, I'm either going to have to renovate this house

0:55.7

to take down all these spotlights.

0:58.2

Or maybe I just hang up paintings of my own and start collecting art to put on the wall.

1:03.0

So Rabolovlev decided to do just that, become an art collector.

1:10.0

The problem was, he didn't know much about buying art.

1:14.0

He needed a trusted advisor, someone to help him navigate this world.

1:19.6

You really want to trust someone else to haggle for you, which is what collectors do. A lot of them will enlist an art advisor or another art dealer to do some of that dirty work on their behalf to get them the best price and to find them the right deal.

1:34.0

So Rabolovlev hired a guy,

1:40.0

a Swiss dealer who was deep in the world of high-end art.

1:45.0

And over the next dozen years,

1:47.0

Rabolove-lev spent $2 billion on art,

1:52.0

buying masterpieces by many of the greats.

1:56.0

Some of the world's best pictures that you can possibly get on the private marketplace.

2:01.3

He had Picasos, he had Madiglionis, nudes and sculptures, he had

...

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