"A price in the art market is just a moment in time,” explained Sotheby's when asked what the "right" price of a work is - in this case, in the Dmitry Rybolovlev lawsuit against the big auction house.
🔦 What we’ve learned from the trial (which ended in Sotheby's favour):
How does a work significantly increase in price by $77M or +82.8% in just a few years? That is a fascinating question, and through the Rybolovlev VS Sotheby's lawsuit case, more exposés came to light, especially the peculiar case of Amedeo Modigliani's painting 'Nu couché' (translated to English as 'Reclining Nude On a Blue Cushion').
🧮 The Numbers:
1. Steve Cohen's team sold the painting to Yves Bouvier (Rybolovlev's art dealer) for $93M.
2. Bouvier then sold it to Rybolovlev for $118M (markup of $25M or +26.8% profit!).
3. Three years later, the painting was auctioned by Sotheby’s for $170M (markup of $52M or +44.7% profit!).
To determine a "right" price for the work is subjective and depends on various factors such as Modigliani’s demand and market conditions. However, it seems that the price significantly increased during these transactions, with a total increase of $77M or +82.8% from the original purchase by Bouvier.
There is a saying, the casino always wins.
Find out more about the case:
👉🔗https://lnkd.in/dWm8ghVP
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