Swiss art dealer charged in France in case of 'stolen Picassos'

The art dealer was ordered to hand over 27 million euros ($31 million) in caution money

PARIS: A Paris court on Monday charged a Swiss art dealer with handling stolen goods in a case relating to the alleged theft of Picasso works.

Yves Bouvier, 52, was ordered to hand over 27 million euros ($31 million) in caution money - the sum said to have been paid by Russian billionaire Dmitri Rybolovlev for several Picasso works, including "Woman with Fan".

The investigation was opened after a complaint in March by Catherine Hutin-Blay, the iconic painter's step-daughter.

She claimed, after a Brazilian restoration expert raised the alarm, that several artworks that belonged to her had been stolen.

Two years earlier, the expert had been commissioned to restore and prepare artworks by Picasso for use as murals using a technique known as marouflage.

The artworks he was told to restore were part of a collection owned by 68-year-old Hutin-Blay, who believed they were in storage in Gennevilliers near Paris since 2008.

But once they were restored, the paintings were taken to a Swiss company owned by Bouvier to be put on show and sold to Rybolovlev -- the majority owner and president of French football club AS Monaco.

Read: Picasso painting sells for $179.4 million, smashing art auction record

In a statement on Monday Bouvier denied any wrongdoing, and said he handed over to the court proof that the artworks he sold to Rybolovlev had been "bought from a trust presented as being that of Catherine Hutin-Blay".

The name of the art dealer whom Bouvier claims sold him the Picasso paintings and drawings "has been transmitted to the judge Rich-Flament, but won't be publicly released by Yves Bouvier", the statement said.

Hutin-Blay challenged Bouvier's defence, claiming in a statement she "never consented or received payment for the sales of 'Woman's Head', 'Woman with a Fan' or the 58 drawings".She added that she does not know Bouvier.

Read: Picasso masterpiece recovered

Bouvier earlier this year had millions of euros worth of assets frozen after he was sued for fraud by none other than the Russian tycoon Rybolovlev.

Singapore's highest court unfroze Bouvier's assets in August, with the dealer rejecting allegations he had inflated the price of 38 artworks.

Bouvier operates vaults in Singapore and Luxembourg where wealthy clients can store their art and other valuables.