Art collectors have long complained of being overcharged or underpaid by dealers in the famously opaque art market. Now, a scandal unfolding in Monaco and Singapore could shed light on the global market for multimillion-dollar art and possible manipulations by megadealers.
The case involves Yves Bouvier, the Swiss businessman and art dealer who operates giant storage centers in Switzerland, Luxembourg and Singapore that hold billions of dollars of art for the global rich. Bouvier was arrested in Monaco in February as part of an investigation into fraud. The case focuses on several works purchased by Russian billionaire Dmitry Rybolovlev, who claims Bouvier inflated or misrepresented prices by millions of dollars.