In a stunning public feud, billionaires David Geffen and Justin Sun are embroiled in a legal battle over a coveted sculpture by famed artist Alberto Giacometti titled "Le Nez" (“The Nose”). This rare conflict showcases a hidden side of the art world that usually remains shrouded in secrecy, characterized by unregulated agents and multimillion-dollar deals made on a handshake.
Sun, a Chinese crypto entrepreneur known for founding Tron, claims he purchased the striking mid-century sculpture for $78.4 million during a 2021 auction, only to find it allegedly sold off without his consent by an advisor involved in the transaction. Geffen, an American entertainment mogul, counters that he rightfully purchased the sculpture while it was on loan to the Giacometti Institute in Paris last year.
The case highlights the complexities of art ownership, as the duo exchanges accusations in a New York federal court. Sun insists the sale involved forged documents and nonexistent legal representation, while Geffen points to Sun's remorse over the sale as the true motive behind the lawsuit. With a tangled web of international connections and potential deception, this lawsuit exemplifies the rare glimpse into the mysterious machinations of the high-end art market.
