American entertainment executive David Geffen and Chinese crypto entrepreneur Justin Sun are currently in a New York federal court accusing each other of ownership over Giacometti’s sculpture, titled “Le Nez” or “The Nose.” This drama unfolded after Mr. Sun, who purchased the sculpture for $78.4 million at a 2021 New York auction, claimed that it was wrongfully sold to Geffen by a dishonest advisor without his consent. The art piece, featuring a head suspended in an open cage with an exaggeratedly long nose, has gathered attention not only for its aesthetic but also for the turmoil surrounding its ownership.
Mr. Sun alleges that the advisor concocted an elaborate scheme, including forging documents and fabricating a fake Chinese lawyer to complete the deal, which involved selling the sculpture to Geffen for $10.5 million along with two unnamed paintings. Geffen's counterarguments suggest Sun is simply regretting his sale—a claim that exacerbates the feud.
The intricate web of this dispute stretches beyond the courtroom, hinting at a broader issue within the elite art market rife with unlicensed transactions and confidentiality. As both parties fight for possession of the sculpture, a mysterious agent’s fate hangs in the balance, reportedly in a detention center in China, adding layers to an already tangled situation.
This public altercation between two prominent figures serves as a fascinating glimpse into the covert operations of high-stakes art collecting, shining light on practices that often remain in the shadows.
Mr. Sun alleges that the advisor concocted an elaborate scheme, including forging documents and fabricating a fake Chinese lawyer to complete the deal, which involved selling the sculpture to Geffen for $10.5 million along with two unnamed paintings. Geffen's counterarguments suggest Sun is simply regretting his sale—a claim that exacerbates the feud.
The intricate web of this dispute stretches beyond the courtroom, hinting at a broader issue within the elite art market rife with unlicensed transactions and confidentiality. As both parties fight for possession of the sculpture, a mysterious agent’s fate hangs in the balance, reportedly in a detention center in China, adding layers to an already tangled situation.
This public altercation between two prominent figures serves as a fascinating glimpse into the covert operations of high-stakes art collecting, shining light on practices that often remain in the shadows.
