Former Director of Ministry of Justice in Monaco Questioned: The headline may exacerbate a legal confusion between the US and Europe but there are reports that Philippe Narmino has been ‘arrested’ for questioning surrounding his relationship with Dmitry Rybolovlev. The questioning follows reports in Le Monde that “Narmino and his wife were treated with gifts and expensive dinners, and were guests at Rybolovlev’s Swiss chalet in early 2015, just as the fraud dispute erupted between Rybolovlev and Swiss dealer Yves Bouvier.” …
Dimitry Rybolovlev Reported to Be Persona Non Grata in Monaco: The revelations from a cellphone’s texts are unravelling a delicate balance in Monaco. To recap, Dmitry Rybolovlev has pursued a multi-year vendetta against Yves Bouvier in retaliation for Bouvier’s having taken advantage of the oligarch in a series of art transactions. A judge recently demanded Rybolovlev’s lawyer turn over her cellphone to reveal the contents of her text messages. Those texts showed close cooperation between Rybolovlev’s legal team and Monaco’s head of the Ministry of Justice. Le Monde picked up the story which has now, according to JDD, caused Prince Albert of Monaco to declare Rybolovlev “persona non grata at the palace, the billionaire was discreetly asked to stand at a distance.” JDD goes on to outline Rybolovlev’s ambition to trade €300m invested in AS Monaco Football club for citizenship in the principality. That deal now seems to be no longer available because, as JDD observes, the scandal seems to be gaining momentum. …
New York Townhouse That Once Was an Art Gallery On Market for $21m: A former carriage house on the Upper East Side of Manhattan is on the market for nearly $22m, according to the NY Post: “167 E. 73rd St. is currently being marketed as a potential 5,000-square-foot single-family home.” …
Christie’s Sells Zao Wou-ki in Shanghai: Sales in the mainland of China have not been a major source of growth for Western auction houses. That might change if capital controls continue to constrain buyers. Meanwhile, Christie’s is taking advantage of their deal with the government to hold auctions in Shanghai. This weekend, two sales of 20th Century and Contemporary art were held totaling Y98.5m ($14.47m.) The bulk of the value came when one Zao Wou-ki work made more than Y33m or a little more than $5m.
