The legal battle between billionaire art collectors David Geffen and Justin Sun over a $78 million Alberto Giacometti sculpture has escalated with Geffen filing a countersuit. In his initial lawsuit, Sun claimed that his art adviser, Sydney Xiong, forged his signature and sold the sculpture to Geffen without his knowledge. Sun alleges that Xiong sold the piece in exchange for two paintings valued at $55 million, plus $10.5 million in cash, totaling far less than the $80 million he wanted for the sculpture.
Geffen’s 100-page countersuit slams Sun’s attempt to claw back the sculpture, calling his claims “bogus” and a “publicity stunt.” Geffen’s attorney, Tibor Nagy, stated, “Seller’s remorse is not a basis to sue. Fortunately, most reasonable and serious people realize that, not Justin Sun. Our filing separates his fiction from the facts and lays bare for the public the bogus claims he has brought.”
The countersuit argues that Sun was eager to sell the Giacometti sculpture in the wake of the 2022 cryptocurrency crash.
Geffen counters Sun’s bogus claims
It also alleges that Sun and Xiong tried to resell the two paintings they received from Geffen but found no buyers, leading them to concoct the legal dispute. Sun’s lawyer, William Charron, refuted Geffen’s allegations, calling them “extremely misguided.” Charron stated, “It is highly unwise for Mr.
Geffen to have staked his case on his proclaimed innocence of Sydney Xiong. Ms. Xiong confessed to her theft, she was arrested in China and is in detention in China today.”
The sculpture at the center of the dispute, “Le Nez” (1947), features a stylized human head with an extended nose in an open metal frame. Sun purchased it at Sotheby’s New York auction in November 2021 for $78.4 million.
As the legal skirmish unfolds, more details are likely to emerge, shedding light on the complex relationships in the world of high-value art collecting and blockchain investments.
