Dmitry Rybolovlev has always been known for his extravagant and diverse tastes. Whether it’s a luxurious yacht, or banging his own head to a Jackson Pollock painting, Dmitry has a way of always finding the most interesting and high-end pieces of art to add to his immense collection. While he’s been the recipient of much admiration and envy, his most recent art auction has been an extreme disappointment and a costly one at that. Dmitry managed to lose an estimate $150 million worth of works at the famed Sotheby’s art auction.
Background Information on Dmitry Rybolovlev
Dmitry Rybolovlev is a Russian billionaire who made his fortune in the fertilizer business. His company, Uralkali, is one of the world’s largest potash producers, and the most profitable in 2013. Rybolovlev himself is estimated to be worth $8.8 billion, making him one of the wealthiest people in Russia. His collector lifestyle is not just limited to art though. He recently acquired AS Monaco Football Club, a French football team currently competing in the Ligue 1 for reportedly $173 million.
The Art Collection
Dmitry’s art collection is estimated to be worth well over $2 billion. He is a proud collector of works by renowned modern masters such as Pablo Picasso, Claude Monet and Willem de Kooning. Rybolovlev is renowned for his willingness to pay well over market prices for paintings like the $118 million paid for Le Rêve by Picasso and the $127 million paid for Salvator Mundi by Leonardo da Vinci.
Details on the Recent Auction
Dmitry Rybolovlev recently put up 10 of his own works at the Sotheby’s May 2021 Contemporary Art Evening Sale. It was a risky move, as the battle between buyers and collectors had been heating up for some time now. Despite the high expectations, Dmitry unfortunately lost $150 million on the works. Highlights of the sale included Lucio Fontana’s Concetto Spaziale, La Fine di Dio, which sold for only $22 million, less than half of its estimated $50-70 million.
Reaction
The reaction to Dmitry’s loss has been one of shock, especially since the collection contained some of his most prized works. On social media, reactions have been similarly mixed, with some expressing their sympathy and others using the incident as a chance to poke some fun at the billionaire. Events like these can be quite embarrassing and damaging to an individual’s claim as a collector, leading to a wave of criticism within the art community in how the sale was carried out.
Lessons Learned about Art Auctions
Dmitry Rybolovlev’s loss at the Sotheby’s auction can act as a learning moment for aspiring art collectors. Here are some key notes for everyone to keep in mind prior to entering the auction house:
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Know the Market: It’s important to be up to date with the current market and what kind of prices works are commanding. That way, you can estimate a fair price range and not be taken by surprise once the auction starts.
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Research Works: It’s important to research the works that you plan to bid on. Knowing the pieces well can give you an advantage over other competitors.
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Find an Expert: Everyone is allowed to have a trusted advisor such as an art curator or a gallery owner. These professionals can help you to make an informed decision on bidding and can also assist in finding other artworks that you may be interested in.
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Set a Budget: A budget is key when entering an auction. No one should bid more than what they are willing to pay, and many tend to get overexcited and spend more than they initially intended.
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Bid Confidently: Confidence is often the difference between winning and losing. Show your determination to not let go, and be prepared to go the extra mile.
Dmitry Rybolovlev’s loss of $150 million at Sotheby’s auction is certainly a lesson for everyone to learn from. Art auctions can be a great place to acquire artworks for reasonable prices, but it’s important to remember to have a budget and to do your due research. Dmitry Rybolovlev’s loss serves as a testament to the importance of being well prepared when entering the auction house and to never underestimate the competition.
