Fake Painting

Viktor Vekselberg, one of the world’s richest men, paid £1.7 million for Odalisque, a nude said to be the work of Russian artist Boris Kustodiev.

The price was 10 times the pre-sale estimate and represented the “pure absurdity” of the art market, the court heard.

Soon after the purchase in 2005, experts working for Mr Vekselberg’s arts fund, Aurora, began to cast doubt on the picture’s authenticity. They claimed that Kustodiev’s signature, dated 1919, was done in an aluminium-based pigment not available until after the artist’s death in 1927.

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