TLDR
- Justin Sun sued David Geffen over a $78M Giacometti sculpture “Le Nez” claiming it was stolen and sold without his permission
- Geffen filed a 100-page countersuit calling Sun’s lawsuit a “sham” and claiming Sun fabricated the story when crypto markets crashed
- Sun claims his former art adviser Xiong Zihan Sydney stole and sold the sculpture to Geffen for $65.5M (below Sun’s $80M minimum)
- Geffen alleges inconsistencies in Sun’s story, including that Xiong is still listed as APENFT director despite her alleged theft
- Sun’s lawyer maintains that Xiong confessed to theft and is currently detained in China, contrary to Geffen’s claims
Billionaire film producer David Geffen has filed a countersuit against crypto entrepreneur Justin Sun over ownership of a valuable Alberto Giacometti sculpture called “Le Nez.”
The 100-page legal filing, submitted on April 16, 2025, responds to Sun’s February lawsuit claiming the artwork was stolen from him by a former employee.
Sun purchased the bronze, steel, and iron sculpture at a Sotheby’s auction in 2021 for $78.4 million. The artwork, conceived in 1949 and cast in 1965, features a stylized human head with an extended nose suspended in an open metal frame. In his lawsuit, Sun alleges that his former art adviser, Xiong Zihan Sydney, took the sculpture without permission and sold it to Geffen.
According to Sun’s filing, Xiong exchanged “Le Nez” for two paintings from Geffen’s collection valued at $55 million plus $10.5 million in cash – a total of $65.5 million. Sun claims this was well below his minimum asking price of $80 million.
Dueling Accounts of the Transaction
Geffen’s countersuit, however, tells a very different story. The 82-year-old media mogul calls Sun’s lawsuit “a sham” and “a bad-faith, tortious attempt to interfere with Geffen’s ownership of Le Nez.” His legal team argues that “seller’s remorse is not a basis to sue.”
Geffen claims that Sun and Xiong “contrived this fraudulent lawsuit” after they couldn’t profitably sell the two paintings received in the exchange. His filing alleges that in November 2024, Xiong told art dealer David Tunkl that “Sun intended to hire U.S. lawyers to contrive a lawsuit to pressure Geffen to rescind the deal” because they couldn’t sell the paintings at a high enough price.
The countersuit suggests that Sun was eager to sell the sculpture because cryptocurrency markets were crashing throughout 2022 and 2023. It also notes that Sun’s crypto platforms Poloniex and HTX were hacked for hundreds of millions of dollars in 2023.
Questions About Authority and Evidence
Geffen’s legal filing points to what he calls key inconsistencies in Sun’s claims. He questions how Sun can claim Xiong lacked authority to make deals when she originally bid on the Giacometti on Sun’s behalf at the Sotheby’s auction.
The countersuit also notes that Xiong remains listed as a director of APENFT, Sun’s cyber-exhibition platform, despite her alleged theft. Geffen claims Sun never filed a police report against Xiong, further casting doubt on the theft narrative.
Sun’s lawyer, William Charron, responded forcefully to Geffen’s countersuit on April 17. “Ms. Xiong confessed to her theft, was arrested in China, and is in detention in China today,” Charron stated. “Mr. Geffen’s pleading is extremely misguided.”
Charron added: “We eagerly look forward to litigating this case and to recovering Mr. Sun’s property.”
Art World and Crypto Connections
The dispute involves two wealthy collectors from different backgrounds. Geffen, who features in ARTnews’s top 200 collectors list, has a collection reportedly worth $2 billion that includes works by David Hockney, Jasper Johns, Jackson Pollock, and Mark Rothko.
Sun, who is 34 years old and refers to himself as “His Excellency” on his website, has been making waves in the art world. In November 2024, he purchased Maurizio Cattelan’s “Comedian” — a banana taped to a wall — at Sotheby’s New York for $6.2 million, then ate the banana at a press conference in what many considered a publicity stunt.
The case highlights the intersection of traditional art collection and new crypto wealth, with both sides leveling serious accusations.
Geffen’s filing claims Sun “has been sued by numerous former employees who have alleged that he forced them to engage in ‘unethical and/or illegal business activities.'”
