A US$100 million mystery: A Russian billionaire, his art, and his big losses

New York

IT WAS meant to be one of the world's top collections of 20th century art, anchored by Amedeo Modigliani nudes and Claude Monet water lilies.

But two years after Dmitry Rybolovlev sued his dealer, alleging he was overcharged by as much as US$1 billion, the Russian fertiliser magnate is unloading works he acquired at often record prices. He has already sold three for a loss totalling an estimated US$100 million, and is offering five more at Christie's auctions in London starting this week, some for a fraction of their purchase prices.