In the realm of art, the market has evolved into a stage for speculation and, unfortunately, scams, exacerbated by the deep global economic recession. In times of crisis, the boldest schemes unfold, aiming to defraud millionaires by peddling counterfeit artworks. A noteworthy case in point is the controversy surrounding the painting ‘Salvator Mundi,’ attributed to Leonardo Da Vinci, which found its way into the hands of Russian oligarch Dimitri Rybolóvlev.
Rybolóvlev is a figure of complexity, boasting a fortune of around $11.4 billion derived from the fertilizer industry, placing him at the 180th spot on the list of the world’s wealthiest individuals. Not only is he the owner of AS Monaco, but he also possesses Skorpiós, a paradisiacal Greek island. Moreover, he holds the record for the most expensive divorce in history, having paid over $4.5 billion to his ex-wife in 2014.
The contentious painting, depicting Christ as the ‘Savior of the World,’ has faced scrutiny from numerous art critics who argue that it resembles more of an abstract canvas than a Renaissance masterpiece. The piece was acquired by Mohammed bin Salman, the heir to Saudi Arabia, in a 2017 auction at Christie’s in New York for approximately €450 million, marking the most significant art purchase in history.
Interestingly, the transaction was orchestrated by Bader Bin Abdullah Bin Mohamed Bin Farhan al Saud, Salman’s right-hand man and Minister of Culture. The painting currently resides on a luxury yacht, but doubts persist regarding its value and authenticity. It’s worth noting that until 2017, the record for the world’s most expensive painting was held by ‘Interchange’ by Willem de Kooning, purchased for $300 million in September 2015.
Believed to be painted in the mid-16th century, the ‘Salvator Mundi’ had traversed numerous locations over the past five centuries. It reappeared in New Orleans in 2005, sold for $10,000, as it showed signs of repainting and seemed to be a copy. However, extensive research by former National Gallery director Nicholas Penny concluded that it was an authentic work by Da Vinci.
Before Rybolovlev sold it, he had acquired the painting between 2003 and 2014 for approximately €2 billion, along with a collection of 38 canvases by artists like Gauguin, Rodin, or Modigliani. On that occasion, he decided to sue Swiss dealer Yves Bouvier for allegedly defrauding him of €1 billion by selling him the art collection at exorbitant markups—a chain of millionaire scams.
Bouvier had acquired the Da Vinci in 2013 for $80 million and sold it to Rybolovlev a few days later for €127.5 million, making a substantial profit. Following the fraud accusation, Bouvier even spent a night in jail.
One clear fact is that Da Vinci created the painting on the request of French King Louis XII, completing it in 1500, later recorded in the collection of King Charles I of England.
According to data from the Global Center for Innovation, between 25% and 40% of artworks sold worldwide are fake.
Previous Art Scams on Millionaires: The Haaning Case
In 2023, Danish artist Jens Haaning was sentenced by the Copenhagen Court to repay over €70,000 to the Kunsten Museum of Contemporary Art in Aalborg for committing a scam, delivering a blank canvas. Haaning insisted it was an artwork, while the gallery deemed it a scam. Eventually, he had to recreate the artwork, receiving around €70,000 for framing the piece, though he never returned the money.
The case ended up in court, and the verdict concluded that it was not an artwork, nor could it be categorized as provocation or transgression, but rather a type of deception. Consequently, he was ordered to return all the money except for his fees, approximately €5,000.
Philbrick’s Motivation: ‘For the Money, Your Honor’
In 2021, the case of artist Iñigo Philbrick came to light as he was convicted in a Manhattan Federal District Court. Philbrick had built a long track record of scamming art buyers in New York, Miami, and London.
He pleaded guilty to defrauding art buyers of over $86 million, although the figures later rose. He became known as the ‘mini Bernie Madoff of the art world,’ charismatic for his ability to deceive millionaires worldwide.
His first acquisition was a piece by Barbara Kruger valued at $350,000, which he bought for over $900,000 at an auction. Later, he purchased a photograph by Andreas Gursky for $4.3 million. His ostentatious lifestyle was based on speculating with artworks, where investors bought shares and expected profits upon selling.
Between 2016 and 2019, he deceived collectors and lenders by selling over 100% ownership of an artwork to multiple investors. He even executed fraudulent sales contracts to inflate the value of artworks and conceal the discovery of his scheme.