A Russian oligarch is suing his art dealer after he overpaid for a painting he anonymously bought from Steve Cohen

Dmitry rybolovlevREUTERS/Olivier AnrigoDmitry Rybolovlev is outraged.

Last year, Steve Cohen made a great deal. He sold a nude painting by Amadeo Modigliani to an anonymous buyer for $US93.5 million.

But now that buyer, Russian oligarch Dmitry Rybolovlev, is suing the art broker, Yves Bouvier, for fraud and money laundering because he unknowingly paid $US22 million more than market value, Forbes reports.

Rybolovlev, who paid $US118 million for the piece, reportedly found out about the price discrepancy from Steve Cohen’s art advisor at a New Year’s Eve party last year. The advisor had no idea that Rybolovlev, who was already having a pretty bad 2014 after settling a very public divorce battle for $US4.5 billion, was the anonymous buyer.

The Russian billionaire then filed a suit in Monaco, and in February, helped police set up an ambush to arrest Bouvier. (Bouvier thought he was meeting Rybolovlev to discuss purchasing a Mark Rothko painting.)

In another incident, Bouvier allegedly flipped a Leonardo Da Vinci piece, purchasing it for $US75-80 million and reselling it to Rybolovlev for $US127.5 million.

Stay tuned for more juicy details as the scandal continues to unfold.

Get the full story from Forbes>>

NOW WATCH: 11 Facts That Show How Different Russia Is From The Rest Of The World

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.