Film producer and record executive David Geffen is being sued by a Hong Kong-based entrepreneur and art collector over the alleged unauthorized sale of a famous sculpture worth millions.
Through his legal counsel, Justin Sun, a cryptocurrency entrepreneur and founder of the TRON blockchain, filed a lawsuit against Geffen Tuesday in a New York district court. In the submitted court papers, which have been reviewed by TheWrap, Sun alleges that Geffen took part in a 2024 sale of the highly valuable Alberto Giacometti sculpture known as “Le Nez” (or “The Nose”) without Sun’s knowledge or consent.
Sun purchased “Le Nez” at a New York auction in November 2021 for $78,396,000. He blames his former advisor, Xiong Zihan Sydney, for orchestrating its alleged theft. In his lawsuit, Sun claims that Xiong “stole” the sculpture by carrying herself as a representative for the APENFT Foundation Ltd., which Xiong “falsely identified as the owner of ‘Le Nez’” during the transaction with Geffen.
“APENFT has never held title to ‘Le Nez,’” Sun’s lawsuit argues.
The lawsuit additionally claims that Xiong “forged Plaintiff’s signature to purported deal documents on behalf of APENFT, then arranged for the illicit transport of ‘Le Nez’ to New York” in January 2024. Geffen ultimately bought “Le Nez” in exchange for “two other artworks” purportedly worth a combined $55 million, plus an additional $10.5 million. Geffen, in other words, ended up paying around $65.5 million for the sculpture.
Sun’s lawyers claim that he did not realize “Le Nez” had been sold to Geffen until months afterward, alleging that Xiong told Sun after she’d completed the sale that she’d been in touch with a collector who was willing to put down a refundable $10 million deposit while he considered purchasing the artwork. The court papers state that Xiong used the $10.5 million cash payment from Geffen to support this story and kept $500,000 of it herself. Sun’s legal team also claims Xiong has “confessed to the crime.”
While Sun’s lawsuit admits that he did express an interest in selling “Le Nez” for “a profit” in 2023, it notes that he “never indicated any willingness to sell ‘Le Nez’ for less than what he paid and in any form other than an all-cash (or equivalent) purchase.” After learning of the theft, Sun purportedly reached out twice in December and January through his lawyers to Geffen explaining Xiong’s alleged theft and demanding that “Le Nez” be returned to him. Geffen’s lawyers responded in January and “refused” to meet Sun’s demand.
“‘Le Nez’ was stolen,” the court papers insist. “Defendants either must restitute it or pay very substantial damages.”
In a statement, Geffen’s lawyer, Tibor L. Nagy, responded to the lawsuit by calling Sun’s lawyers’ claims “bizarre and baseless” and suggesting that the entrepreneur is suffering from “buyer’s remorse.”
“Mr. Sun received two paintings and $10.5 million for the sculpture he sold. After trying and failing to sell the paintings, he now wants to retrade the deal,” Nagy asserted.
