Cryptocurrency entrepreneur Justin Sun has filed a lawsuit against entertainment mogul David Geffen regarding the controversial sale of a $78 million Alberto Giacometti sculpture titled "Le Nez."
Sun alleges that his former art advisor, Xiong Zihan Sydney, fraudulently sold the sculpture to Geffen without authorization by forging signatures and creating fictitious lawyers to oversee the transaction. The lawsuit seeks either the return of the artwork or substantial monetary compensation.
According to court documents, Xiong allegedly exchanged the sculpture for two artworks from Geffen's collection valued at $55 million, plus $10.5 million in cash - a deal Sun claims he never approved. The lawsuit argues that Geffen's team overlooked suspicious elements in the transaction, including Xiong's use of a personal Gmail account.
Geffen's legal team has strongly refuted the allegations. Tibor Nagy, representing Geffen, called the lawsuit "desperate and bizarre," stating that Sun is experiencing "seller's remorse" after failing to resell the two paintings he received in exchange.
"Mr. Sun received two paintings and $10.5 million for the Giacometti sculpture he knowingly sold," Nagy stated. "Deals often get done in the art world through intermediaries. Mr. Sun knew that then, and he knows it now."
The dispute emerged after Sun, who originally purchased the sculpture for $78.4 million, inquired about its sale progress. The lawsuit claims that when confronted, Xiong admitted to orchestrating the unauthorized transaction.
This high-profile case highlights the complexities and risks in high-value art transactions, particularly when conducted through intermediaries. The legal battle between these prominent figures continues to unfold as both parties maintain their positions.