Sotheby’s, Russian billionaire Rybolovlev agree to mediate art fraud case

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NEW YORK (Reuters) – Sotheby’s and Russian billionaire Dmitry Rybolovlev have agreed to mediation to try to resolve the oligarch’s art fraud lawsuit against the auction house. Rybolovlev accused Sotheby’s of helping his former art dealer, Switzerland’s Yves Bouvier, acquire 15 pieces of world-class art for which Rybolovlev paid more than $1 billion. Bouvier charged hidden markups that caused Rybolovlev to overpay by hundreds of millions of dollars, the lawsuit alleged. A letter that Rybolovlev’s lawyer filed on Monday in Manhattan federal court said “the parties jointly report that we have con…

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