Billionaire Feud Over Giacometti Sculpture Unveils Shadowy Art Market

The ownership dispute over Alberto Giacometti’s famous sculpture, "Le Nez," between billionaire crypto entrepreneur Justin Sun and entertainment mogul David Geffen, showcases the murky and unregulated side of the high-value art market, highlighting issues of fraud and deception.

In an unusual public spectacle for the typically secretive world of billionaire art collecting, a showdown between Chinese crypto entrepreneur Justin Sun and American entertainment executive David Geffen has erupted over the ownership of an Alberto Giacometti sculpture, "Le Nez." Valued at tens of millions of dollars, the dispute reveals the complexities of an often-opaque art market characterized by unlicensed agents and high-stakes handshake deals.

Currently unfolding in a New York federal court, the battle has seen both collectors hurling allegations at one another. Sun claims that the sculpture was sold under dubious circumstances by an adviser with whom he had a long-standing relationship. According to Sun, this adviser forged documents and concocted a fictional lawyer in China to facilitate the unauthorized sale. In contrast, Geffen, who purchased the work while it was on loan to the Giacometti Institute in Paris, has countered by accusing Sun of fabricating a false narrative as a result of seller's remorse over the $78.4 million price tag he initially paid for the piece at auction in New York back in 2021.

The legal wrangling unveils not just the high stakes involved, but also a web of interconnections that link various jurisdictions from New York to Singapore and Paris. The accusation against the adviser is compounded by rumors surrounding their current predicament, suggesting they may be detained in China. The intricate tale of art ownership, deceit, and the struggles within elite circles highlights the hidden challenges that lie beneath the surface of the art world, where transparency is often overshadowed by exclusivity and opulence.