Details of Da Vinci and Modigliani Transactions Emerge as Rybolovlev Trial Continues

In the protracted legal battle between Dmitry Rybolovlev and art dealer Yves Bouvier, two key witnesses, Samuel Valette of Sotheby's and art advisor Sanford Heller, provide intricate details about the transactions involving masterpieces like "Salvator Mundi" and "Reclining Nude On a Blue Cushion."

Negotiating the Deal in Paris

Samuel Valette, Sotheby's senior vice president, reveals details about the 2013 transfer of Leonardo da Vinci's "Salvator Mundi." Negotiations at the Bristol Hotel in Paris involved tough discussions, resulting in an $83 million deal, including $68 million in cash, a $12 million Picasso trade, and a $3 million commission for Sotheby's. The subsequent resale to Rybolovlev for $127 million raised fraud claims.

Code Names and Art Deals

Valette discloses the use of code names in emails related to major deals. "Cottonmouth" referred to Gustav Klimt’s "Wasserschlangen II," while "Jack" was the code name for "Salvator Mundi," with unclear origins.

Chance Encounter with Sandy Heller

Art advisor Sanford "Sandy" Heller recounts a chance meeting with Dmitry Rybolovlev during a lunch in St. Barts in 2014. Heller congratulated Rybolovlev on his acquisition of Amedeo Modigliani's "Reclining Nude On a Blue Cushion," sparking Rybolovlev's realization that Bouvier had resold it to him at a higher price. Heller's impressions of Rybolovlev's art collection were mixed, describing it as containing both masterpieces and average works.

Uncovering Bouvier's Deals

Heller's chance encounter led Rybolovlev to question the transparency of Bouvier's deals. The subsequent meeting and art collection review revealed the inflated prices paid for certain artworks, laying the foundation for Rybolovlev's legal actions.

Ongoing Trial Developments

The trial, now in its third week, continues to unveil the inner workings of high-stakes art transactions, providing insights into negotiations, code names, and the dynamics of the elite art world.