In an unusual public dispute, billionaires David Geffen and Justin Sun are embroiled in a legal battle over ownership of an Alberto Giacometti sculpture, “Le Nez,” valued at tens of millions. This conflict highlights the enigmatic nature of the global art market, characterized by unregulated agents and vague transactions.
Sun, a Chinese cryptocurrency entrepreneur, and Geffen, an American media mogul, are trading accusations in a New York federal court, both asserting they rightfully own the pricey sculpture, which features a long-nosed head made of bronze, steel, and iron, suspended in an open cage. The saga extends from New York to Singapore and back, unfolding layers of deceit and alleged fraud.
The controversy centers around a sale that Sun claims was orchestrated by a dishonest adviser who appropriated the sculpture from him without proper authorization. Sun originally purchased the piece at a 2021 auction for $78.4 million, but it changed hands last year when Geffen bought it for $10.5 million and two unidentified paintings. Allegations of forgery and a fictitious Chinese lawyer have surfaced, casting doubt on the legitimacy of the transaction facilitated by the involved adviser.
Additionally, questions linger regarding the adviser's current status, as reports suggest this individual may be detained in China, complicating the case further. As both sides prepare for a lengthy legal fight, the art world watches closely, as this high-profile dispute unravels the intricacies of art acquisitions and ownership rights among the elite.
