- Geffen claims Sun approved the exchange and later deleted messages after resale efforts collapsed.
- The countersuit includes 19 defenses, documents, payment records, and WhatsApp messages as evidence.
- Geffen calls Sun’s lawsuit a sham, tied to art flipping failure and inconsistent legal claims.
David Geffen has filed a countersuit against crypto entrepreneur Justin Sun in a legal battle over the famed Alberto Giacometti sculpture Le Nez, which Sun bought for $78.4 million in 2021. The dispute centers on Sun’s claims that the artwork was stolen and transferred without his authorization. Geffen refutes these allegations, asserting that the transaction was legitimate and that Sun is using the courts in bad faith after failing to sell the artworks he received in exchange.
Geffen Alleges Sun Approved Le Nez Sale Before Filing Fraud Lawsuit
According to Geffen’s filing, Sun publicly donated Le Nez to the APENFT Foundation shortly after acquiring it. Throughout 2022 and 2023, both Sun and APENFT publicly held out art advisor Sydney Xiong as the director and spokesperson for Sun’s art dealings.
Xiong was responsible for bidding on and arranging major art transactions, including the original Le Nez acquisition. In January 2024, APENFT, represented by Xiong, entered into an agreement with Geffen to exchange Le Nez for $10.5 million and two paintings valued at $55 million. Geffen claims Sun signed a side letter personally affirming APENFT’s ownership and the legitimacy of the sale.
After the transaction closed, Sun and Xiong allegedly attempted to sell the paintings that had been received for a higher total value than the purchase price of Le Nez. When those efforts failed, Sun reportedly deleted key messages and initiated legal action alleging forgery and fraud. Geffen accuses Sun of orchestrating a calculated scheme to reclaim the sculpture or extract further payment by falsely asserting theft.
The countersuit claims that Sun’s narrative is inconsistent, pointing out contradictions between different legal teams representing Sun. Geffen also alleges that Sun’s claims are part of a broader pattern of misconduct, citing other lawsuits against Sun involving allegations of unethical behavior and fraud.
Geffen Seeks Damages in $78M Sculpture Ownership Dispute
Geffen now seeks damages, legal fees, and a declaration confirming his ownership of Le Nez. The countersuit includes 19 affirmative defenses and a detailed breakdown of communications, agreements, and public statements involving Sun, APENFT, and Xiong.
Exhibits attached include WhatsApp messages, declarations, side letters, and evidence of payment flows through intermediaries. Geffen’s legal team argues that the case is not about theft but a buyer’s remorse turned into litigation, after failed art-flipping attempts by Sun and his team.
Sun sued Geffen in February, claiming that the statue was stolen from him by a former employee who then sold the artwork to Geffen in a deal worth around $65 million in artwork and cash. Sun purchased the Alberto Giacometti sculpture titled “Le Nez” at a Sotheby’s auction in 2021 for $78 million, working with the assistance of his former art adviser, Xiong Zihan Sydney.
