Yves Bouvier

Yves Bouvier

Yves Bouvier
Born (1963-09-08) 8 September 1963
Geneva, Switzerland
Residence Singapore
Nationality Swiss
Occupation CEO, Natural Le Coultre
Known for Businessman and art dealer
Parent(s) Jean-Jacques Bouvier

Yves Bouvier (born 8 September 1963) is a Swiss businessman and art dealer best known for his role in the Bouvier Affair. Nicknamed the "king of the freeports", he is the President of Natural Le Coultre, an international company specialized in the transportation, storage, scientific analysis, and conservation of works of art, luxurious goods and other collectibles. He transformed a small family company into the world's largest art shipping and storage business.

Early life

Yves Bouvier is the son of Jean-Jacques Bouvier, owner of Natural Le Coultre, a 150-year-old company specialized in moving and storing goods. Yves Bouvier early developed a passion for art, and joined his father's company in the eighties.[1]

Natural Le Coultre

Natural Le Coultre, which name was Natural Transports at the time it was created in 1859, was originally a moving and furniture storage company.[1]

In 1901, Albert-Maurice Natural joins Emile-Etienne Le Coultre. They create A. Natural, Le Coultre & Cie. In 1946, Jean-Jacques Bouvier, father of Yves, begins his apprenticeship at Natural Le Coultre S.A. In 1983, the Bouvier family acquires Natural Le Coultre.

In 1989, Jean-Jacques and Yves Bouvier create Fine Art Transports Natural Le Coultre SA in Geneva. Quickly rising in the company, Yves Bouvier became assistant manager in 1995 and then managing director in 1997.[2] He sells the moving and furniture storage activities to a local company and focuses the company on storing, moving and preserving pieces of art.[3]

Yves Bouvier moved to Singapore in 2009 where he currently resides.

Business model

As soon as 2005, Yves Bouvier starts exporting his business model abroad.[4] The Bouvier model consists of "artistic Hubs" regrouping into Freeports facilities for rent and specific services dedicated to art collectors, museums and companies.[3]

In 2010, he inaugurated the first Singaporean Freeport, a 30 000 m2 futuristic safe close to the airport, which he funded along with other Swiss investors and helped design.[5]

In 2014, following the increasing trend of Freeport storage, he inaugurated a brand new 22,000 m2 storage facility in Luxembourg, directly on the Luxembourg airport premises.[6]

In 2017, a new “Le Freeport” will open its doors in Shanghai, China.[7]

The Rybolovlev Case

On 26 February 2015, Yves Bouvier was arrested in Monaco. He was accused by Russian billionaire Dmitry Rybolovlev of defrauding him of hundreds of millions of dollars through the sale of 37 paintings over a 10-year period.[8][9] Yves Bouvier denied all accusations, argues that he first heard about the complaint was when he was arrested, and explained that the price of the paintings had been agreed by both parties.[10]

According to Forbes, Dmitry Rybolovlev spent New Year's Eve with Sandy Heller, art adviser to hedge fund billionaire Steve Cohen. Heller mentioned to Dmitry Rybolovlev that Cohen had sold a Modigliani nude for $93.5 million to a "mystery buyer", alleging he didn’t know that the buyer was Yves Bouvier. Dmitry Rybolvlev had paid Bouvier $118 million. Rybolovlev filed for fraud and money laundering in Monaco nine days later, and persuaded Bouvier to meet him there to discuss payment details for a Rothko painting, when he was "ambushed" by eight policemen and arrested.[11][12]

On 13 March 2015, Singapore's High Court ordered the global freezing of Yves Bouvier’s assets,[13] and then lifted this decision 12 days later, ordering Dmitry Rybolovlev to give a total of $100m guarantee of damages from his action against Bouvier, $20m in cash and an $80m guarantee on the Rothko No. 6 painting.[12] On 21 August 2015, Singapore's High Court completely removed the freezing injunction, on the ground that the procedure launched by Dmitry Rybolovlev amounted to an abuse of procedure.[14] In March 2016, the High Court of Singapore dismissed Bouvier's attempt to suspend the civil suit filed in the territory against him by two companies linked to the Rybolovlev family trust, but the case was transferred to the Singapore International Commercial Court, which deals specifically with cross-border commercial disputes.[15]

After Rybolovlev had also successfully obtained an injunction from Hong Kong’s High Court in July 2015, on 4 September, Yves Bouvier had his assets in Hong Kong unfrozen. High Court recorder Jason Pow Wing-nin SC ordered the injunction against art dealer Yves Bouvier and his Hong Kong company Mei Invest Limited to be lifted.[16]

Many irregularities were found in Rybolovlev’s complaint against Yves Bouvier: Dmitry Rybolovlev, who served 11 months in jail after his involvement in the murder of Evgeny Panteleymonov, is suspected of collusion on several senior Monegasque officials. He might have plotted against Yves Bouvier with the help of Philippe Narmino, Minister of Justice, and Jean-Pierre Dreno, Prosecutor of Monaco.[17] In particular, French newspapers Mediapart and Libération revealed that during a dinner in Gstaad, Dmitry Rybolovlev, Philippe Narmino and Gérard Cohen may have discussed the details of the plot, only a few weeks before Bouvier was arrested.[17]

Furthermore, Yves Bouvier was arrested in Monaco thanks to a false document issued by Bank HSBC. HSBC has been since then accused of forgery and falsification of records. The procedure is pending.[18]

Tetiana Bersheda, lawyer of Rybolovlev, registered at the bar of Geneva, conducted illegal phone tapping on Monegasque resident and former friend of the Rybolovlev family, Tania Rappo. Following this discovery, a complaint has been filed in Monaco against Dmitry Rybolovlev and Tetiana Bersheda by Tania Rappo, who had herself been charged with complicity to commit fraud against Rybolovev as an accomplice of Yves Bouvier. The case has taken a new turn when Rybolovlev and Bersheda were passed into the custody of Monaco Police on 17 November 2015. On 23 February 2016, Tetiana Bersheda was also charged by Monaco court for violation of the privacy of Tania Rappo.[19] Dmitry Rybolovlev and his lawyer might be sentenced to up to 3 years of imprisonment. The procedure is pending.[20]

Rybolovlev's lawyer, Tetiana Bersheda, not only deposed as a witness but also was appointed as her translator when the oligarch was questioned.[21]

On 14 September 2015, Yves Bouvier was indicted on charges of concealed theft of two Picassos belonging to Catherine Hutin-Blay, who claims that the two Picassos were stolen from her collection. However, Yves Bouvier demonstrated she received the amount of 8 million euros through a Liechtensteiner trust for their sales.[22] All doubts against Yves Bouvier have been ruled out since and the prosecution of Liechtenstein has closed the case on 1 December 2015.[23]

In September, Yves Bouvier took legal action in New York against the consultant Sandy Heller, asking that he be questioned about his interactions with Rybolovlev.[24] Yves Bouvier wants Heller to reveal the advice he may have provided to Rybolovlev - advice Bouvier alleges may have unfairly implicated him in the criminal cases he currently faces in France and Monaco.[25]

A major article about the Bouvier Affair published in the New Yorker in February 2016 alleged that Bouvier was using the profits from his dealings with Rybolovlev to fund his ambitious plans for the Singapore Freeport. The article quotes a colleague of Bouvier as saying, "...to build freeports you need to be a billionaire...Rybolovlev was the billionaire whose money was building the freeports." As to Bouvier's method of marking up the works he was selling, the New Yorker commented as follows: "When a deal with the seller was in sight, Bouvier would then agree on his own price with Rybolovlev, which was often tens of millions of dollars higher." The magazine provides the example of a “Joueur de Flûte et Femme Nue,” which Bouvier sold to Rybolovlev for twenty-five million euros. Bouvier had bought it the day before for just three and a half million.[26]

On March 9th 2016, following the lead of European authorities, US Federal prosecutors have opened an investigation into Bouvier, whom they described as "one of the art world’s consummate insiders."[27]

Contributions

Yves Bouvier founded in 2004 the company Art Culture Studio dedicated to the organization of cultural events.

Furthermore, he initiated and chaired the Moscow World Fine Art and the Salzburg World Fine Art Fair.[28]

In 2008, Yves Bouvier also initiated the creation of the Singapore Pinacothèque de Paris, the first expansion outside Europe of the renowned Pinacothèque de Paris.[29] According to its website, "The museum in Singapore mirrors that of France, a fine art museum known for its critically acclaimed exhibitions that celebrate transversality and the dialogue between different works of art".

Non-profit activities are part of the proper functioning of the Art Culture Studio, which contributed to the 18st century furniture restoration, in particular to the Empress Joséphine de Fontainebleau boudoir refurbishment.[30]

Art Culture Studio has been supporting the Renaissance Foundation for Russian Country Homes, a non-profit organization that supports research on the restoration of cultural and historic buildings in rural areas.

Yves Bouvier is one of the main leading figures behind the project for the construction of the "pôle R4", the artistic micro-city of the Seguin Island. This artistic centre managed and financed by Yves Bouvier, designed by the French architect Jean Nouvel, is scheduled to open in 2017.[31]

References

  1. 1 2 "Natural Le Coultre, le transport au sommet de son art depuis 150 ans". WorldTempus. Retrieved 3 December 2015.
  2. ↑ "NATURAL LE COULTRE SA : inscrite le 24 janvier 1946 : Société anonyme". Rc.ge.ch. Retrieved 2015-04-08.
  3. 1 2 "Ce visionnaire qui a parié sur l’Asie". TIFFY&CO. Retrieved 3 December 2015.
  4. ↑ "Yves Bouvier: une ascension fulgurante dans le monde de l’art". LE TEMPS SA. Retrieved 3 December 2015.
  5. ↑ Prystay, Cris. "Singapore Bling". THE WALL STREET JOURNAL. Retrieved 3 December 2015.
  6. ↑ Blenkinsop, Philip. "Luxembourg opens art freeport to lure super-rich". Thomson Reuters. Retrieved 3 December 2015.
  7. ↑ "Natural Le Coultre opens Shanghai artwork facility". South China Morning Post. Retrieved 3 December 2015.
  8. ↑ Frank, Robert. "Art scandal threatens to expose mass fraud in global art market". CNBC. Retrieved 3 December 2015.
  9. ↑ Mulholland, Rory. "Monaco FC owner Rybolovlev among alleged victims of huge art scam". Telegraph Media Group Limited. Retrieved 3 December 2015.
  10. ↑ Allen, Peter. "Multi-millionaire businessman who stores cars, wine, cigars and art treasures for the rich and famous is arrested in fraud case". Associated Newspapers Ltd. Retrieved 3 December 2015.
  11. ↑ Fontevecchia, Agustino. "Steve Cohen's Modigliani In The Middle Of An Art Market War: Billionaire Rybolovlev vs Yves Bouvier". Forbes. Retrieved 3 December 2015.
  12. 1 2 Miller, Hugo; Baker, Stephanie. "The Billionaire, the Dealer, and the $186 Million Rothko". Bloomberg Business. Retrieved 3 December 2015.
  13. ↑ "Singapore court orders asset freeze on 'Freeport King'". Thomson Reuters. Retrieved 3 December 2015.
  14. ↑ Perlson, Hili. "Singapore Court of Appeal Unfreezes Yves Bouvier's Assets". artnetnews. Retrieved 3 December 2015.
  15. ↑ hermes. "Singapore court to hear $1.4b art suit". The Straits Times. Retrieved 2016-03-26.
  16. ↑ Julie Chu (4 September 2015). "Swiss art dealer's Hong Kong assets unfrozen amid court battle with Russian tycoon who accused him of swindling". Scmp.com.
  17. 1 2 Duparc, Agathe. "Le milliardaire russe Rybolovlev compte de puissants relais monégasques". MEDIAPART. Retrieved 3 December 2015.
  18. ↑ Letzing, John. "Russian Billionaire’s Battle With Art Dealer Draws In HSBC". THE WALL STREET JOURNAL. Retrieved 3 December 2015.
  19. ↑ Ian Brodie (23 February 2016). "Lawyer for ASM owner in court today". Monacolife.net.
  20. ↑ Adam, Georgina. "The Art Market: Feathers fly in Monaco". Financial Times. Retrieved 3 December 2015.
  21. ↑ "Yves Bouvier et sa complice precontre attaquent". LE TEMPS. Retrieved 3 December 2015.
  22. ↑ Bellet, Harry. "L’homme d’affaires Yves Bouvier mis en examen pour recel de deux Picasso volés". LeMonde.fr. Retrieved 3 December 2015.
  23. ↑ Pierre-Alexandre Sallier (18 December 2015). "Vaduz classe une plainte pour blanchiment visant Yves Bouvier". Tdg.ch (in French).
  24. ↑ Letzing, John. "Russian Oligarch’s Legal Battle Entangles U.S. Art Consultant". THE WALLSTREET JOURNAL. Retrieved 3 December 2015.
  25. ↑ "Yves Bouvier pushes to have New York art consultant’s dealings revealed in US court". Theartnewspaper.com. Retrieved 2016-03-16.
  26. ↑ Sam Knight (15 February 2016). "The Bouvier Affair". Newyorker.com.
  27. ↑ hugodmiller, Keri Geiger GeigerWire Hugo Miller. "The Da Vinci Markup? Europe's Art Scandal Comes to America". Bloomberg.com. Retrieved 2016-03-10.
  28. ↑ "Salzburg World Fine Art Fair To Open July 27". artdaily. Retrieved 3 December 2015.
  29. ↑ de Changy, Florence. "Singapour a désormais sa Pinacothèque de Paris". LeMonde.fr. Retrieved 3 December 2015.
  30. ↑ "Art 4 Action". Swink Studio. Retrieved 3 December 2015.
  31. ↑ Lankarani, Nazanin. "A New Concept in Handling Art". The New York Times. Retrieved 3 December 2015.
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