Bloomberg Pursuits | Katya Kazakina and Hugo Miller:
It was meant to be one of the world’s top collections of 20th century art, anchored by Amedeo Modigliani nudes and Claude Monet water lilies.
But two years after Dmitry Rybolovlev sued his dealer, alleging he was overcharged by as much as $1 billion, the Russian fertilizer magnate is unloading works he acquired at often record prices. He has already sold three for a loss totaling an estimated $100 million, and is offering five more at Christie’s auctions in London starting next week, some for a fraction of their purchase prices… Read more
Image: “Otahi” (1893) by Paul Gauguin recouped “less than $50 million” according to court documents, a loss on the $120 million purchase price. Photographer: Print Collector/Print Collector/Getty Images