Who knew that a documentary about a supposedly lost painting could be as compelling and full of mystery as “The Lost Leonardo” is? This is a film that keeps you on the edge of your seat with its revelations about the sometimes shady workings of the art world.

Art collector Alexander Parrish noticed that there was a painting on sale at a New Orleans auction house that included an image of Christ. He and his friend Robert Simon agreed to purchase the painting for $1175.

When it arrived, it was clear that it had been over-painted. So they took the painting to art restorer Dianne Dwyer Modestini. As she attempted to restore the work Dianne noticed something about the way the lip was painted that she believed was a sign of Leonardo’s unique craft. Could this be the lost Salvator Mundi (the Savior of the World)?

Thus began the first controversy. Once it was restored by Dianne, was this her work in the style of Leonardo or was it the restored masterpiece? Further complicating matters was that the work had an unclear provenance. It only could be traced back to the early 20th century with any certitude.

So the Salvator Mundi was sent to the National Gallery in London so that a group of Leonardo scholars could comment on the likelihood of it being authentic. No clear consensus was reached. However, when the Salvator Mundi later was included in a Leonardo exhibit at the Gallery, it was credited as being authentic.

The original owners brought in art dealer Warren Adelson to sell the painting. But the museums he contacted either could not raise the funds or felt that its uncertain authenticity did not warrant the price.

Into the picture walks Yves Bouvier. He owned a free port, where wealthy investors could store their art works. Because of the nature of the free port, the items are regarded as being permanently in-transit, and thus are in no nation to be taxed or seized for owed payments.

A fascinating aspect of this arrangement is that collectors can then take out loans on the art works, and spend that capital. So here is art being collected not just as a future investment, but as a means to create other kinds of capital.

At one point an observer notes that after drugs and prostitution, the art world is the least regulated industry. Indeed, one of the interviewees in the film is from the FBI’s art fraud division. Surprisingly to me, they monitor art sales to be sure that the money is not used to finance terrorism, for example.

The plot thickens as Yves is representing the Russian billionaire Dmitri Rybolovlev, who made a fortune from the potash industry there. Yves pulls a fast one on Dmitri, buying the painting for $83 million but telling Dmitri that he paid $127.5 million for the object. When an article is published that reveals the real sale price of the Salvator Mundi, Dmitri is outraged. Yves subsequently is sued in multiple venues. His lines of credit are turned down and he has to sell his business.

Now we move to the surprisingly aggressive world of auction houses. They do not just wait for people to bring their art to them for sale. They actively seek out clients when they know that a particular artist is “hot” on the market and encourage the collector to sell.

When Dmitri takes the Salvator Mundi to Christie’s, they decide on a unique marketing approach. They design a marketing video that does not show the painting, but instead shows people’s faces in response to the work. One of these people is Leonardo DiCaprio, so you have Leo looking at Leo.

Christie’s does not publicly question the work’s authenticity—and why would they? On the day of the auction, the price slowly works up. When the work sells for $450.3 million, this is the highest price ever paid for a painting. The buyer remains unknown. Then the owner’s name is leaked—Crown Prince Mohammed bin Salman of Saudi Arabia. This is notable because Islam prohibits physical depictions of its Prophets, and the Salvator Mundi is clearly a representation of Christ.

Eventually the work is taken to the Louvre, which is preparing a complete Leonardo exhibit. The museum’s staff is rumored to be using their extensive technology to assess the authenticity of the painting.

When the exhibition opens, the Salvator Mundi is not there. Instead, there is a blank spot where it should have been. Rumors suggest that bin Salman wanted the Salvator Mundi to share pride of place in the same room as the Mona Lisa, which the Louvre refused to do.

It then is discovered that there was a catalog of the exhibition produced that included the Salvator Mundi and claimed that it was authentic. This copy somehow survived after the Louvre believed that they destroyed all of these printed catalogs.

The director does a superb job of showing how art not only exists to be appreciated but is used as collateral for other operations. Avoiding taxes becomes its own art form. We see how auction houses operate to maximize their sales. When bin Salman buys the Salvator Mundi, we see art being used to legitimize political regimes.

Then there is the question of authenticity. Does it really matter if everyone believes that it is real even if its origin is questionable? Here we move into the territory of fake news.

The interviews are well-done. They often include just takes of the reactions on faces which enhance the mood. The pacing of the movie is perfect.

The documentary is well-balanced in presenting opposing viewpoints about the authenticity of the Salvator Mundi. I found myself on the edge of my seat as I wondered what wild turn the story would take next and if someone would eventually decide if the painting is authentic or not, a question that remains unanswered.

So the Salvator Mundi remains a mystery as does its exact whereabouts.

Four and a half out of five stars

THE LOST LEONARDO is the inside story behind the Salvator Mundi, the most expensive painting ever sold at $450 million. From the moment the painting is bought for $1175 at a shady New Orleans auction house, and the restorer discovers masterful Renaissance brush strokes under the heavy varnish of its cheap restoration, the Salvator Mundi’s fate is determined by an insatiable quest for fame, money and power. As its price soars, so do questions about its authenticity: is this painting really by Leonardo da Vinci?

Unravelling the hidden agendas of the richest men and most powerful art institutions in the world, THE LOST LEONARDO reveals how vested interests in the Salvator Mundi are of such tremendous power that truth becomes secondary.

DIRECTED BY: Andreas Koefoed
WRITTEN BY: Duska Zagorac, Andreas Dalsgaard, Mark Monroe, Christian Kirk Muff, Andreas Koefoed