Justin Sun, a Chinese crypto entrepreneur, and David Geffen, an American entertainment executive, are engaged in a public dispute over the ownership of Alberto Giacometti’s sculpture “Le Nez” (“The Nose”). The battle is shedding light on the often secretive world of high-end art deals. Sun purchased the sculpture for $78.4 million at a 2021 auction in New York.
However, he alleges that an adviser sold it to Geffen for $10.5 million and two unnamed paintings without his permission, using forged documents and inventing a nonexistent Chinese lawyer. Geffen, who bought the sculpture last year while it was on loan, has struck back, accusing Sun of devising an elaborate fraud because he regrets the sale. The accused adviser was publicly connected with Sun and his art purchases for years.
Sun- Geffen sculpture dispute
In response to Geffen’s counterclaims, Sun’s attorney described them as “desperate and bizarre,” noting that the employee, Xiong Zihan Sydney, has been detained in China since February on charges of theft related to the sculpture. Sun’s legal team is focused on understanding how Xiong managed to steal the piece and whether she had assistance.
Geffen’s legal team has made various allegations, including claims that Sun forced former employees to engage in unethical activities and deleted incriminating messages. The dispute has drawn significant attention in the art world, putting both men’s collecting practices and acquisition methods under scrutiny. The case continues to unfold, with both parties defending their positions in this highly publicized clash.
In a separate matter, Sun is also under scrutiny for his $75 million investment in World Liberty Financial, a controversial cryptocurrency firm endorsed by former President Donald Trump. The investment has drawn accusations of a conflict of interest, as Sun and his blockchain platform, Tron, were sued by the US Securities and Exchange Commission for fraud and other securities violations in March 2023.
