TLDR
- Justin Sun sued David Geffen over a GiaCometti sculpture of $ 80 million “Le Nez”, claiming it was stolen by Sun’s former articide.
- Geffen submitted a 100-page counter who called Sun’s trial “a shame” and claimed that it was manufactured after Sun could not sell two paintings.
- The dispute centers if Sun’s employee Xiong Zihan Sydney was allowed to sell the sculpture to Geffen.
- Sun claims that his employee stole the artwork through “subterfuges” and “counterfeit documents”, while Geffen claims that Sun is experiencing “Seller’s regret.”
- The legal battle involves allegations of fraudulent behavior, with the Geffen that addresses Sun’s history and challenges with its cryptop platforms.
In a high -profile legal struggle between two billionaires, the American media mogul David Geffen submitted a counter against Krypto -Contractor Justin Sun Over ownership of an Alberto GiaCometti sculpture worth $ 78 million. The legal battle centers on “Le nez”, a bronze, steel and iron artwork with a stylized human head with an extended nose, which Sun bought at a Sotheby auction 2021.
Sun began the conflict in February when he sued Geffen, claiming that his former articatter, Xiong Zihan Sydney, stole the sculpture and sold it to Geffen without Sun’s permission. According to Sun, the deal was worth approximately $ 65 million in artwork and cash.
In his 100-sided counters submitted on April 16, Geffen calls Sun’s trial “a shame” and claims that Sun and Xiong “tuned up this fraudulent trial” after they could not sell two paintings that Geffen had exchanged for the sculpture, along with $ 10.5 million in cash.
“Sun’s claims about Le Nez are completely without merits and constitutes a bad belief to interfere with Geffen’s ownership of Le Nez,” says the counterclaim.
Sales in question
The essence of the dispute is about Xiong was allowed to sell the artwork. Sun claims that through “subfugs, possibly composed lawyers, fictitious other interested parties and counterfeit documents”, Xiong swindled him out of work.
Geffen’s legal team has a different view. “The seller’s regret is not a foundation to sue,” Tibor Nagy, Geffen’s lawyer, said in a statement. “Our archiving separates its fiction from facts and settles for the public as the false claims he has brought along.”
The 82-year-old Geffen proposes that Sun, 34, was keen to sell the sculpture because crypto markets crashed in 2022 and 2023. He also mentions that Sun’s Crypto platforms Polonix and HTX were repeatedly hacked for hundreds of millions of dollars in 2023.
Contradictory statements
Important disputes in the case include whether Xiong acknowledged that the stalking sculpture and inconsistencies in Sun’s claims about how much money Xiong is alleged to stole. Geffen claims that Sun still has both the money and the paintings from the exchange, which are held by art dealers.
Geffen’s discussion goes on by claiming that Sun has a history of fraudulent behavior. He claims that Sun has been tuned by former employees for punishing them for refusing to get involved in “unethical and/or illegal business operations.”
Sun’s lawyer, William Charron, strongly denied these accusations on April 17. “Xiong acknowledged her theft, was arrested in China and is in custody in China today,” Charron pronounced.
“Despite these facts, Geffen all-in goes to the idea that MS Xiong was not a thief; that she probably spoke to Mr. Sun all the time; and that she goes freely in China today. Mr. Geffen’s call is extremely misleading,” he added.
Art world attention
The case has noticed both the crypto and the art world. Sun has made headlines in the art market before. In November, he bought Maurizio Cattelans “Komiker” – a banana that was taped to a wall – on Sotheby’s New York for $ 6.2 million and then ate the banana at a press conference as a publicity stunt.
Sun originally bought “Le nez” with Xiong’s help at Sotheby’s New York auction of Macklowe Collection in November 2021 for $ 78.4 million.
After buying the sculpture, Sun stated on social media that he would donate the work to his Apenft organization, a Cyber-Exhibition platform. He now says he never did that donation, even though he previously claimed he did. He lent the work to an exhibition at the Institute Giacometti in Paris 2023.
Sun admits that he later expressed interest in Xiong to sell the piece, but claims he would only do so if a buyer was willing to pay at least $ 80 million.
Both parties seem ready to continue the legal struggle. “We are eagerly looking forward to correcting this case and recovering Mr. Sun’s property,” said Sun’s lawyer.
As the case progresses through the courts, it highlights the intersection of traditional art collection and newer crypto wealth, with two powerful figures from different generations and industries that collide the ownership of a masterpiece.
The result may have consequences for art transactions with high value and the due diligence required when buying works of art with several million dollars through intermediaries.
