Russian billionaire Dmitry Rybolovlev has been cleared by Swiss authorities over allegations related to the arrest of art dealer Yves Bouvier in Monaco.
The Swiss Office of the Attorney General dismissed the criminal investigation against Rybolovlev, which was initiated in 2017. According to Rybolovlev’s lawyers, the case was closed as there was no evidence to justify charges. This development is the latest chapter in a legal battle spanning nearly a decade, involving allegations of fraud, influence peddling, and millions of dollars in disputed art transactions.
The feud between Rybolovlev and Bouvier began when Rybolovlev accused Bouvier of overcharging him by around $1 billion for art, including works by Leonardo da Vinci and René Magritte. Rybolovlev contends that Bouvier, who facilitated his art purchases, misled him on pricing, profiting through excessive markups. Bouvier, however, has maintained that he acted as an independent dealer and adhered to industry norms.
The case in Switzerland stemmed from claims that Rybolovlev acted unlawfully to have Bouvier arrested in Monaco, an incident that was part of a larger scandal known as “Monaco-gate.” Allegations surfaced suggesting Rybolovlev had sought favors from high-ranking Monégasque officials to pressure Bouvier, which led to internal investigations and the resignation of at least one official. The charges related to these actions were dismissed by the Swiss Federal Prosecutor’s office, which found no substantial evidence against Rybolovlev.
Rybolovlev’s lawyers welcomed the decision, stating that the Swiss judiciary’s findings have definitively confirmed his innocence. The legal entanglement between Rybolovlev and Bouvier has played out across multiple jurisdictions, including New York, Singapore, and Geneva. Earlier this year, Sotheby’s was also cleared of claims from Rybolovlev that it aided Bouvier in the alleged fraud.
While the Swiss case has been closed, the broader feud between the billionaire and the art dealer continues, marking one of the art world’s most high-profile legal sagas.
