Crypto Investor Justin Sun Sues David Geffen to Recover ‘Stolen’ Giacometti
The tech entrepreneur is suing American media billionaire David Geffen over the ownership of Alberto Giacometti’s sculpture Le Nez (1947). Could it be seller’s regret? Save to My Ocula
A deal made through intermediaries has evolved into a legal dispute after Chinese crypto investor Justin Sun filed a lawsuit in Manhattan’s federal court on Tuesday, stating he never authorised the sale of Alberto Giacometti‘s Le Nez (1947) to billionaire David Geffen.
In his lawsuit, Sun accused his former art advisor Xiong Zihan Sydney of stealing the work from him by misrepresenting the sculpture’s owner and selling it without his authorisation. He is asking Geffen to return the work or 80 million USD in damages.
Sun, who bought Le Nez at Sotheby’s for 78.4 million USD in 2021, said he had considered selling the sculpture and asked Xiong to find a buyer willing to pay over 80 million USD.
Xiong allegedly exchanged the sculpture for two paintings valued at 55 million USD, plus an additional 10.5 million USD in cash, without Sun’s knowledge. According to Sun, she received 10.5 million USD in cryptocurrency from Geffen’s representatives and sent 10 million to his crypto wallet, calling it a buyer’s deposit, while keeping the rest for herself.
Sun is claiming that Xiong forged his signature and impersonated a China-based lawyer named ‘Laura Chang’ to push the deal through. He says Geffen should have noticed the warning signs, including emails from Chang sent from a personal Gmail account.
The deal was allegedly made between January and March 2024. Sun only found out in December, when he asked for updates. Xiong allegedly confessed to the fraud.
Geffen’s attorney, Tibor L. Nagy, told The New York Times that Sun’s lawsuit is ‘bizarre and baseless’, calling it ‘seller’s remorse’.
‘Deals get done through intermediaries,’ Nagy said. ‘If Mr. Sun is now, a year later, unhappy with the deal his intermediary got him, that’s no basis for a claim against Mr. Geffen.’
Sun made headlines last November for acquiring Maurizio Cattalan’s $6.3 million banana, Comedian (2019), at Sotheby’s New York.
His lawyers have acknowledged that he is ‘a relatively new collector’ and ‘not as familiar with the Modern and Contemporary art market’. —[O]
Main image: Alberto Giacometti, Le Nez (1947). Courtesy Sotheby's.
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