Geffen says Sun approved the sale and later deleted messages after the resale failed.
Sun alleges Xiong acted alone and sold the sculpture using forged documents. David Geffen has filed a countersuit against crypto entrepreneur Justin Sun over a $78.4 million sculpture. The dispute surrounds Alberto Giacometti’s Le Nez, which Sun acquired at a Sotheby’s auction in 2021. Geffen’s countersuit, filed on April 16, alleges that Sun’s original claim of theft is fabricated. The countersuit accuses Sun of misusing the legal system following failed attempts to sell exchanged artworks.
Geffen Denies Theft Allegation and Cites Prior Agreements
According to the countersuit, Sun transferred Le Nez to the APENFT Foundation after purchase, despite his later denial. The filing also states that art advisor Sydney Xiong, publicly associated with Sun and APENFT, acted on Sun’s behalf. Geffen claims that in January 2024, APENFT traded Le Nez for $10.5 million and two paintings worth $55 million.
Geffen argues that Sun signed a side letter confirming APENFT’s authority to carry out the transaction. The paintings were allegedly received, but Sun and Xiong failed to resell them at the expected valuation. Geffen’s filing noted that Sun deleted the conversation and later filed a lawsuit accusing fraud, despite earlier approvals.
Sun Responds and Alleges Fraud by Former Employee
According to a report by artnet, Sun, who initially sued in February 2025, argues that the sculpture was sold without his consent by Xiong. He claims that Xiong transferred the work to Geffen while faking legal documents and inventing parties. Sun also alleges that Geffen should have noticed the irregularities, including the use of a Gmail account by a supposed lawyer.
Additionally, Geffen maintained that the promised donation of Le Nez to APENFT was never completed and claimed the sale was unauthorized. According to Sun, Xiong later confessed to the misappropriation and is currently detained in China for theft. His attorney asserts that Geffen’s position ignores critical facts regarding Xiong’s arrest and the confession.
Lawsuit Includes Claims of Prior Legal Misconduct
Geffen’s filing mentions that Sun continues to list Xiong as APENFT’s director and never filed any police report. It further outlines inconsistencies in statements from Sun’s legal teams regarding payment destinations. A deeper view of the filing indicates that 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 with attached WhatsApp messages, declarations, side letters, and evidence of payment flows through intermediaries.
According to Geffen’s team, the case is baseless, citing instances where Sun has unsuccessfully sought to resell exchanged artwork. The case is still pending in the New York courts as both parties continue to claim ownership of Le Nez.
