What Happens in The Lost Leonardo?
The complete story of The Lost Leonardo, from the first scene to the last, in 303 words (about 1 minute). Spoilers throughout. Names in the text link to 2 cast member pages.
Spoilers ahead
The story begins with two American art dealers, Alexander Parish and Robert Simon, who purchase a painting titled “After Leonardo” at a 2005 New Orleans auction for just $1,175. Believing the piece to be a “sleeper,” they enlist the help of New York art restorer Dianne Dwyer Modestini. After a meticulous restoration process lasting from 2005 to 2013, Modestini discovers a pentimento (a shifted thumb position) and a specific lineless lip technique, leading her to believe the work is an original by Leonardo da Vinci.
In 2008, the painting is presented to Luke Syson of the National Gallery, who consults several experts, including Martin Kemp. Despite some ambiguity regarding authentication, the work is controversially displayed at the National Gallery in 2011 as a genuine Leonardo. Sotheby’s attempts to sell the piece for $200 million, but critics like Frank Zöllner argue that the painting is largely a remake, suggesting that in some parts, it is actually a “masterpiece by Dianne Modestini.”
The narrative then shifts to the world of high-end art as a tool for secret wealth management, introducing freeport owner Yves Bouvier. In 2013, Bouvier arranges the sale of the painting to Russian billionaire Dmitry Rybolovlev. Bouvier secures the painting for $83 million but charges Rybolovlev $127.5 million. This deception leads to a massive legal battle known as the Bouvier Affair.
By 2017, Rybolovlev decides to sell his portfolio through Christie’s, marketing the piece as the “male Mona Lisa.” The painting eventually sells for a record-breaking $400 million, with the buyer rumored to be Mohammed bin Salman. The film concludes with a dramatic turn during a 2019–20 exhibition at the Louvre; despite an initial authentication publication, the painting suddenly vanishes from the exhibition. It is speculated that bin Salman withdrew the piece to showcase it in his own dedicated museum in Saudi Arabia.
The Lost Leonardo Timeline: Every Key Event in Order
18 key events in the order they happen, from “A bargain at auction” to “Speculation and a Saudi museum”. 11 events name a place, across 7 locations.
- 1
A bargain at auction
American art dealers Alexander Parish and Robert Simon purchase a painting titled 'After Leonardo' at a 2005 auction in New Orleans for just $1,175. Both suspect it is a 'sleeper' — a work by a far better artist than realized — although neither of them believes it could actually be by Leonardo da Vinci.
When:2005 Where:New Orleans
- 2
Signs of a true Leonardo emerge
The dealers bring the painting to New York art restorer Dianne Modestini, who cleans away the overpainting. She discovers a pentimento — the position of a thumb has moved — suggesting the painting is an original. She also finds the lips are drawn with no outline, a technique common to other Leonardo paintings, which she takes as a sign that the work is indeed his.
Where:New York
- 3
An eight-year restoration
Modestini carries out an extensive restoration of the painting that stretches from 2005 to 2013. During this period, Parish and Simon engage art dealer Warren Adelson to help advance the painting's standing in the art world.
When:2005–2013 Where:New York
- 4
The experts examine the painting
In 2008, the owners present the work to Luke Syson, a curator at the National Gallery, who asks five Leonardo experts — including Maria Teresa Fiorio and Martin Kemp — to view the picture. Syson remains ambiguous about whether they authenticated it, and Fiorio later states that she did not authenticate it.
When:2008 Where:National Gallery, London
- 5
A controversial exhibition label
Syson controversially includes the painting in a National Gallery exhibition of Leonardo's works, displaying it with the label 'by Leonardo da Vinci'. This public attribution elevates the once-ignored canvas into the ranks of confirmed Leonardo masterpieces and becomes a major turning point in its story.
When:2011 Where:National Gallery, London
- 6
An ambitious asking price meets a cold market
Sotheby's is immediately engaged to sell the painting and sets an asking price of $200 million. Despite the grand sum and its new attribution, the auction house finds little interest among potential buyers.
- 7
Berlin declines the painting
Professor Bernd Lindemann of the Gemäldegalerie in Berlin declines to acquire the painting for his museum. He explains his reasoning bluntly: 'Most of the painting is a remake and this was, for me, the argument to say no, this is not a painting for the Gemäldegalerie.'
Where:Gemäldegalerie, Berlin
- 8
Scholars voice doubts
Leonardo expert Frank Zöllner argues that the old original parts are by pupils, while the newer parts that look like Leonardo were painted by the restorer, remarking that in some part it is a masterpiece by Dianne Modestini. Modestini, meanwhile, declines to disclose her financial interest in the deal, saying only that Simon paid her generously.
- 9
The freeport economy
The film introduces Yves Bouvier, a developer and owner of freeports, who explains how he became an art dealer in his own right through works clients deposited in his freeports around the world. It reveals how high-end art has become a tool for wealth management, allowing people to physically carry and secretly move large amounts of wealth outside the banking system.
- 10
A Russian billionaire enters the story
In 2013, Bouvier shows the painting to Russian billionaire Dmitry Rybolovlev, who engages Bouvier to purchase the work on his behalf. This marks the start of a transaction that will entangle the painting in one of the art world's biggest scandals.
When:2013
Show the other 8 events of The Lost Leonardo Hide the last 8 events
- 11
The middleman's secret markup
Bouvier hires a professional poker player to negotiate with Sotheby's, and they agree on a price of $83 million. However, Bouvier secretly tells Rybolovlev that the price is $127.5 million, quietly pocketing the difference for himself.
When:2013
- 12
The Bouvier Affair
When Rybolovlev discovers the deception, and realizes there have been numerous other deceptions as well, he legally pursues Bouvier in the events that become known as the Bouvier Affair. Bouvier tells the film that he has since lost everything.
- 13
Marketing the 'male Mona Lisa'
In 2017, Rybolovlev hires Christie's to sell his entire art portfolio, and the auction house markets the painting as the 'male Mona Lisa'. A promotional video featuring Leonardo DiCaprio is created to build anticipation around the sale.
When:2017 Where:Christie's, New York
- 14
A record-shattering sale
The painting sells for $400 million, with an additional $50 million in commission going to Christie's. The price breaks the previous record for an art sale, cementing the contested work's place in art market history.
When:2017 Where:Christie's, New York
- 15
The mystery buyer revealed
Word leaks that the anonymous buyer is Mohammed bin Salman, and that the painting is being kept aboard his yacht. The revelation raises questions about why one of the world's most powerful men paid a record sum for such a contested artwork.
Where:Aboard Mohammed bin Salman's yacht
- 16
Anticipation at the Louvre
Attention shifts to a 2019–20 Leonardo exhibition at the Louvre, where the painting is expected to be shown. In advance of the exhibition, bin Salman visits the Louvre with French President Emmanuel Macron, and a publication appears in the museum's shop that authenticates the painting as a work by Leonardo.
When:2019–2020 Where:The Louvre, Paris
- 17
The dramatic no-show
In a dramatic twist, the painting fails to appear at the Louvre exhibition. The authentication publication is removed from the shop, and the Louvre denies that it was ever an official museum publication.
When:2019–2020 Where:The Louvre, Paris
- 18
Speculation and a Saudi museum
The film ends by speculating that bin Salman pulled the painting because the Louvre would not show it alongside the Mona Lisa. It suggests instead that he was planning to display it in a new dedicated museum in Saudi Arabia.
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