In an unprecedented public dispute, billionaire art collectors David Geffen and Justin Sun are embroiled in a legal battle over the ownership of Alberto Giacometti's sculpture "Le Nez" (translated as "The Nose"). The saga, playing out in federal court in New York, provides a rare glimpse into a world where unregulated agents and multi-million-dollar transactions occur behind closed doors, shrouded in secrecy.
Sun, a Chinese crypto mogul and founder of the blockchain platform Tron, claims he purchased "Le Nez" for $78.4 million at a 2021 auction in New York. Meanwhile, Geffen, an American entertainment titan, reportedly acquired the sculpture last year while it was on display at the Giacometti Institute in Paris.
The conflict emerged when Sun alleged that Geffen's purchase originated from an unscrupulous adviser who misrepresented the sale, forging documents and fabricating an imaginary Chinese lawyer. This adviser had historical ties to Sun, having discussed his art acquisitions before. Sun’s lawsuit seeks to reclaim the sculpture, asserting that he was a victim of deception.
In Heftier terms, Geffen has countered Sun's claims, accusing him of orchestrating a fraudulent scheme out of buyer's remorse after the sale. Adding complexity to the situation, the very adviser at the heart of the dispute has gone missing, with speculation suggesting he may be detained in China.
As this unusual litigation unfolds, it challenges the perception of the art market—where deals are often made away from public scrutiny and the stakes involve not just money but reputations. The effects of this public feud stretch beyond the involved parties, offering a potent reminder of the ongoing tensions within the elite art world.
