In simpler terms, the well-known figure in cryptocurrency, Justin Sun – known for buying and consuming Maurizio Cattalan’s banana artwork last year – is taking legal action against billionaire collector and entertainment magnate David Geffen over a $78.4 million Alberto Giacometti sculpture that he alleges was stolen.
In 2021, Sun acquired “Le Nez” at Sotheby’s, but now he alleges that his art consultant acted dishonestly, masterminding the subsequent sale to Geffen using a complex web of falsified papers and counterfeit signatures.
Initially, Sun had indicated a desire for a buyer offering over $80 million. However, Sun alleges that Xiong conducted a deal without his approval, swapping the Giacometti for artworks from Geffen’s collection valued at $55 million and an additional $10.5 million in cash. According to court documents, he only authorized his advisor to explore potential deals, not to negotiate them independently.
So, you might be wondering why Sun decided to take legal action against Geffen. In legal terms, Sun was described as a “recent entrant” into the world of art collecting and not as well-versed in the nuances of the modern and contemporary art market compared to Geffen. The collector claimed that Geffen’s team ought to have spotted warning signs during the transaction, such as the presence of a sham lawyer.
Sun claims that the sculpture is currently hidden at Geffen’s residence. He stated that he has reached out to Geffen’s legal team to demand the return of the sculpture, but alleges that the competing collector has refused to return it. In response, Sun is pursuing either the return of the statue or a payment of $80 million as compensation.
In response to the New York Times, attorney Tibor Nagy from Geffen’s team described Sun’s accusations as a case of “regretful seller” and deemed the assertions made in the lawsuit as both “strange” and “unfounded.
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2025-02-07 01:26