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Straits Times
12-05-2025
- Business
- Straits Times
Billionaire art collectors fight over Giacometti sculpture The Nose
Chinese crypto entrepreneur Justin Sun and American entertainment executive David Geffen are each claiming to be the rightful owner of Alberto Giacometti's 'Le Nez' (The Nose, above). PHOTO: FONDATION ALBERTO ET ANNETTE GIACOMETTI, PARIS NEW YORK - Billionaire art collectors rarely air their deals or dirty laundry out in public. But a battle between a pair of boldfaced names over a Giacometti sculpture is now playing out in the open, shining a rare light on a global market featuring unlicensed agents, multimillion-dollar handshake deals and pervasive secrecy. Chinese crypto entrepreneur Justin Sun, 34, and American entertainment executive David Geffen, 82, are slinging written accusations at each other in federal court in New York, each claiming to be the rightful owner of Alberto Giacometti's 'Le Nez' (The Nose). Along a trail stretching from New York to Singapore to Paris and back to the United States, Mr Sun says there sculpture was secretly sold by a dishonest adviser and sued for its return from Mr Geffen, who recently struck back, accusing Mr Sun of devising an elaborate fraud because he regrets the sale. Adding to the tangle is an agent who might or might not be to blame, and might or might not be in a Chinese detention center. At a 2021 auction in New York, Mr Sun, who founded the crypto platform Tron in Singapore, paid US$78.4 million (S$101.7 million) for Le Nez, a mid-century work of bronze, steel and iron depicting a head, suspended in an open cage and boasting a very long nose. Mr Geffen, who is the founder of Geffen Records, in turn, bought the sculpture in 2024 while it was on loan to the Giacometti Institute in Paris. But in early 2025, Mr Sun sued, alleging that an adviser who sold it to Mr Geffen, for US$10.5 million and two unnamed paintings, had done so without his permission, forging documents and inventing a nonexistent Chinese lawyer to make the deal. The accused adviser was publicly connected with Mr Sun and his art purchases for years and spoke about advising him on his bid for the Giacometti and other pieces. In April, Mr Geffen sued Mr Sun, accusing him of concocting a 'sham' story about his adviser making an illegitimate sale. In reality, he charged, Mr Sun had 'seller's remorse' after trying to sell the paintings included in the deal, but finding they did not fetch offers as high as he had hoped. Mr Sun's lawyers fired the latest salvo on May 7, telling the court that Mr Geffen is 'completely misguided' and should actually be suing the adviser, who they say has been detained in China since February 'in connection with her confessed fraud and theft' – a claim that could not be independently verified. A lawyer for Mr Sun, Mr William Charron, said in an email that Mr Geffen's claims are 'desperate and bizarre' and that he is clinging to a 'fiction' that the adviser is not a thief. Whether there was really a theft is crucial, but will not necessarily decide the case, art lawyers say. If the adviser transferred the sculpture without authority, Mr Sun could be named the rightful owner. Or Mr Geffen could keep the sculpture if his reliance on her representations was reasonable. 'I've been in the art world for decades and I've seen so many shady deals. It's a business like nothing else,' said Mr Joshua Kaufman, an art lawyer in Washington, D.C. 'Either side's version could be true.' There are many facts in dispute and Mr Sun's case faces an 'uphill battle,' said Ms Jana Farmer, an art lawyer in New York. The claims and counterclaims fill hundreds of pages, and the gaps between the billionaires' accounts are vast. Mr Sun says his adviser was a freelancer perpetrating an 'elaborate ruse.' Mr Geffen contends that Mr Sun has been trying to delete text messages and evidence on the internet. Practically the only thing they appear to agree on is that the paintings traded in the 2024 deal are not to be publicly identified. The secrecy is most likely to avoid tainting the paintings' value with the fight over the sculpture, experts say. Mr Sun is no stranger to controversy, in the art world and beyond. He made waves in 2024 with his US$6.2 million purchase of a conceptual piece consisting of a banana taped to a wall, and prides himself on challenging traditional notions of value. In 2023, the Securities and Exchange Commission accused him and Tron of fraudulently inflating the price of their crypto tokens. Mr Sun drew criticism for spending US$75 million in late 2024 on crypto tokens linked to Mr Donald Trump in what was seen as an effort to influence the incoming president to abandon the case, which he denied. The case was stayed by a judge at the government's request in 2025. Mr Geffen is a major collector who began buying art before Mr Sun was born. The case against him by Mr Sun challenges Mr Geffen's ownership of Le Nez and his 'great standing' as a savvy collector, Ms Farmer said, 'and tries to put his reputation on the line.' She said she thinks the billionaire collectors will ultimately settle their unusually public dispute. If so, it could be only a brief glimpse into a mystery-shrouded business before the shades are drawn again. NYTIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Deccan Herald
10-05-2025
- Business
- Deccan Herald
Billionaires' battle over a sculpture exposes a mysterious art market
Chinese crypto entrepreneur Justin Sun and American entertainment executive David Geffen are slinging written accusations at each other in federal court in New York, each claiming to be the rightful owner of Alberto Giacometti's Le Nez ("The Nose").
Yahoo
27-02-2025
- Business
- Yahoo
US SEC, Tron founder Justin Sun explore resolution of civil fraud case
By Jonathan Stempel NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is exploring a resolution to its closely followed civil fraud case against Justin Sun, the Chinese cryptocurrency entrepreneur and adviser to a crypto project backed by U.S. President Donald Trump. In a Wednesday letter to U.S. District Judge Edgardo Ramos in Manhattan, lawyers for Sun and the SEC asked that the case be put on hold, citing the interests of both sides and the public. They proposed submitting a status report 60 days after a stay. Sun's lawyers did not immediately respond to requests for comment. The SEC declined to comment. It is unclear whether a resolution would involve a settlement or a dismissal. The SEC sued Sun and his companies Tron Foundation, BitTorrent Foundation and Rainberry in March 2023. It accused them of scheming to illegally distribute the crypto assets Tronix and BitTorrent, artificially inflate trading volume, and conceal payments to celebrity endorsers. Trump has pledged to make the United States a global hub for the cryptocurrency industry and nominated Paul Atkins, a Washington lawyer seen as supportive of digital assets, to become SEC chair. Gary Gensler, the SEC chair when Sun's case was brought, drew much industry opposition for favoring greater cryptocurrency regulation. The SEC said Sun's alleged scheme began in August 2017. According to court papers, Sun illegally generated $31 million of proceeds by ordering employees to conduct hundreds of thousands of Tronix trades between two accounts he controlled, creating a false and misleading sense of legitimate trading. Sun, 34, was also accused of retaining celebrities like actress Lindsay Lohan, singers Akon and Ne-Yo and social media personality Jake Paul to promote Tronix and BitTorrent on social media, while concealing they were paid for their efforts. SUN'S ENDEAVORS More recently, Sun has become perhaps the most prominent buyer of the World Liberty Financial token that Trump partially owns, spending at least $75 million according to posts on social media platform X. Sun is a World Liberty adviser. Those purchases, involving an entity where Trump benefits financially, have raised concerns about potential conflicts of interest. While the SEC's possibly backing off Sun's case "may be good for one of the president's crypto partners, it's bad for the industry's already questionable reputation," said Corey Frayer, a former policy adviser to Gensler. Sun also drew wide attention in the art world in November, when he paid $6.2 million at a Sotheby's auction for a work consisting of a banana attached to a wall by duct tape. Earlier this month, Sun sued media mogul David Geffen for the return of "Le Nez," a sculpture by the Swiss artist Alberto Giacometti, which Sun bought for $78.4 million in 2021. Sun said his own art adviser had stolen the work and later sold it. Geffen's lawyer has publicly called Sun's claims baseless. In 2019, Sun paid a then-record $4.57 million at a charity auction to have lunch with billionaire investor Warren Buffett. Sign in to access your portfolio
Yahoo
05-02-2025
- Business
- Yahoo
David Geffen Sued for Purchasing Pricey Giacometti Sculpture That Was Allegedly Stolen
Film producer and record executive David Geffen is being sued by a Hong Kong-based entrepreneur and art collector over the alleged unauthorized sale of a famous sculpture worth millions. Through his legal counsel, Justin Sun, a cryptocurrency entrepreneur and founder of the TRON blockchain, filed a lawsuit against Geffen Tuesday in a New York district court. In the submitted court papers, which have been reviewed by TheWrap, Sun alleges that Geffen took part in a 2024 sale of the highly valuable Alberto Giacometti sculpture known as 'Le Nez' (or 'The Nose') without Sun's knowledge or consent. Sun purchased 'Le Nez' at a New York auction in November 2021 for $78,396,000. He blames his former advisor, Xiong Zihan Sydney, for orchestrating its alleged theft. In his lawsuit, Sun claims that Xiong 'stole' the sculpture by carrying herself as a representative for the APENFT Foundation Ltd., which Xiong 'falsely identified as the owner of 'Le Nez'' during the transaction with Geffen. 'APENFT has never held title to 'Le Nez,'' Sun's lawsuit argues. The lawsuit additionally claims that Xiong 'forged Plaintiff's signature to purported deal documents on behalf of APENFT, then arranged for the illicit transport of 'Le Nez' to New York' in January 2024. Geffen ultimately bought 'Le Nez' in exchange for 'two other artworks' purportedly worth a combined $55 million, plus an additional $10.5 million. Geffen, in other words, ended up paying around $65.5 million for the sculpture. Sun's lawyers claim that he did not realize 'Le Nez' had been sold to Geffen until months afterward, alleging that Xiong told Sun after she'd completed the sale that she'd been in touch with a collector who was willing to put down a refundable $10 million deposit while he considered purchasing the artwork. The court papers state that Xiong used the $10.5 million cash payment from Geffen to support this story and kept $500,000 of it herself. Sun's legal team also claims Xiong has 'confessed to the crime.' While Sun's lawsuit admits that he did express an interest in selling 'Le Nez' for 'a profit' in 2023, it notes that he 'never indicated any willingness to sell 'Le Nez' for less than what he paid and in any form other than an all-cash (or equivalent) purchase.' After learning of the theft, Sun purportedly reached out twice in December and January through his lawyers to Geffen explaining Xiong's alleged theft and demanding that 'Le Nez' be returned to him. Geffen's lawyers responded in January and 'refused' to meet Sun's demand. ''Le Nez' was stolen,' the court papers insist. 'Defendants either must restitute it or pay very substantial damages.' In a statement, Geffen's lawyer, Tibor L. Nagy, responded to the lawsuit by calling Sun's lawyers' claims 'bizarre and baseless' and suggesting that the entrepreneur is suffering from 'buyer's remorse.' 'Mr. Sun received two paintings and $10.5 million for the sculpture he sold. After trying and failing to sell the paintings, he now wants to retrade the deal,' Nagy asserted. The post David Geffen Sued for Purchasing Pricey Giacometti Sculpture That Was Allegedly Stolen appeared first on TheWrap.
New York Times
04-02-2025
- Business
- New York Times
Collector Sues David Geffen to Reclaim a Sculpture Worth Millions
An art collector is suing David Geffen for the return of a valuable Giacometti sculpture that the collector says was sold without his knowledge by his art adviser as part of an elaborate fraud. In the court papers filed Tuesday in federal court in Manhattan, Justin Sun, a Hong Kong-based cryptocurrency entrepreneur and art collector, said the Giacometti sculpture, titled 'Le Nez,' for which he had paid $78.4 million, was stolen from him and sold by the former adviser, named in the court filing as Xiong Zihan Sydney. Ms. Xiong had helped Mr. Sun purchase the Giacometti at auction in 2021 and had suggested in interviews that the sculpture would become part of a collection to be owned by the APENFT Foundation, a platform she has said Mr. Sun was establishing to help bridge the gap between the art world and metaverse. But lawyers for Mr. Sun said in court papers that he remained the owner of the work and that Ms. Xiong had forged his signature on documents related to the deal. As part of the scheme, the court papers assert, the adviser appeared to have fabricated the existence of a lawyer who was purportedly overseeing the deal and then sent emails posing as the lawyer. Ms. Xiong could not be reached for comment. Mr. Geffen's lawyer, Tibor L. Nagy, released a statement in which he characterized Mr. Sun's claims in the lawsuit as 'bizarre and baseless' and suggested Mr. Sun simply wanted to undo the deal. 'We call that seller's remorse,' the statement said. In the lawsuit, Mr. Sun's lawyers said that two art dealers and their lawyer working with Mr. Geffen, a leading art collector and philanthropist, should have asked questions about 'obvious red flags' concerning the legitimacy of the sale before proceeding. They described one of those 'flags' as the fact that the supposed lawyer was communicating through a personal gmail account rather than a more professional address. 'Defendants either must restitute it or pay very substantial damages to Plaintiff,' lawyers for Mr. Sun said of the sculpture, according to the suit. Mr. Sun drew wide public attention in the art world last year when he paid $6.2 million for a work consisting of a fresh banana stuck to a wall with duct tape. He subsequently ate the banana. (The banana was the center of a 2019 conceptual artwork, 'Comedian,' by the noted artist prankster Maurizio Cattelan. It comes with a certificate of authenticity and installation instructions for owners to replace the banana — if they wish — on the wall whenever it rots.) Mr. Sun's lawyers said that their client had in 2023 'expressed an interest' in finding a buyer who would pay more than $80 million for the bronze, steel, and iron Giacometti sculpture that depicts a suspended, caged head with a gaping jaw and an elongated nose. But the court papers say he never gave his adviser the authority to negotiate a deal, only to make inquiries. The suit says that, nonetheless, the adviser negotiated a deal with Mr. Geffen's representatives for less than what Mr. Sun was seeking. Under the deal, according to the court papers, Mr. Geffen turned over two artworks — together worth, according to the court papers, $55 million — plus another $10.5 million in cash, in exchange for the Giacometti. 'Plaintiff never would have agreed to such a transaction had he been told about it — Plaintiff had expressed interest only in selling Le Nez for a profit over what he paid and in an all-cash (or equivalent) deal,' his lawyers said in the court papers. But in his statement, Mr. Nagy, the lawyer for Mr. Geffen, suggested that Mr. Sun had been cognizant of the deal. 'Mr. Sun received two paintings and $10.5 million for the sculpture he sold,' the statement said. 'After trying and failing to sell the paintings, he now wants to retrade the deal.' In Mr. Sun's lawsuit, his lawyers said that he did not realize that the sculpture had been sold until many months after Mr. Geffen bought it. The suit says the art adviser used the cash turned over in the Geffen deal to suggest to Mr. Sun that she had found a collector interested in the sculpture who had put down a $10 million deposit. They say in the filing that she then forwarded that sum to Mr. Sun and kept the remaining $500,000 for herself. Mr. Sun's lawsuit says he only uncovered the scheme last December when he went back to the adviser and questioned her about the lack of progress on that deal. The lawyers said they then reached out to Mr. Geffen's representatives, but were told he was not returning the work.
