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Art Advisor Lisa Schiff Faces New Revelations and Claims in Heated Legal Battle
Edited by: TJVNews.com
Recent court documents unveiled in the ongoing legal dispute between art advisor Lisa Schiff and her former clients Richard Grossman and Candace Barasch have brought forth shocking revelations, as was recently reported by ArtNet News. Accused of fraud and running a Ponzi scheme, Schiff’s legal battle has escalated with around 50 additional claims emerging against her, along with an inventory of artworks still in her possession. According to the ArtNet News report these developments have further intensified the controversy surrounding the accusations against the prominent art advisor.
The newly disclosed documents, submitted as evidence against Lisa Schiff on August 11, reveal a growing list of claimants who are dissatisfied with her actions. ArtNet News also reported that in addition to the accusations made by Grossman and Barasch, approximately 50 more claims have surfaced, some of which amount to as much as $1 million. Grossman is also seeking a further $2.3 million.
Among the claimants are notable figures in the art world, including Mira Dimotrova from Stephen Friedman gallery, David Schrader from Sotheby’s, and entities like Maya McLaughlin Art Advisory and Frestonian Gallery, the ArtNet News report said. Moreover, the Internal Revenue Service and American Express have also raised complaints against Schiff.
The court documents further disclose a comprehensive inventory of artworks that remain in Schiff’s possession, along with their estimated market values. The list, comprising 894 items valued at £3.1 million ($3.9 million) according to appraisers and Winston Art Group, includes pieces by renowned artists such as Damien Hirst, Chris Ofili, Michael Craig-Martin, Barbara Kruger, Sterling Ruby, Tracey Emin, and Robert Mapplethorpe, among others, as was reported by ArtNet News. While many of these artworks are stored in various facilities, some are held by galleries such as Gladstone Gallery, High Art Paris, Bortolami, and Philips auction house, the report added.
According to the final document, 108 works worth $1.1 million that were assumed to be in the inventory are missing from Schiff’s inventory, and these pieces have “potential third-party claimants,” as was noted by ArtNet News.
This adds another layer of complexity to the ongoing legal battle, as the missing artworks could potentially become the focus of further disputes and claims.
Lisa Schiff is currently grappling with two lawsuits. According to the ArtNet News report, the initial lawsuit, filed by her former clients Grossman and Barasch, alleges that she failed to pay them their share from the sale of an artwork, resulting in the loss of $1.8 million. It is claimed that Schiff admitted the money owed was “gone,” sparking demands for the owed sum, her commission, damages, and interest, as was noted in the ArtNet News report.
It was alleged that Schiff ran a “Ponzi scheme” to fund an extravagant lifestyle, with extensive references to her $25,000 rent in New York, first class international travel, and five-star hotels, as was reported by ArtNet News. Shortly after the complaint was filed, Schiff shut down her SFA Advisory offices in New York’s Tribeca and London’s South Kensington district.
A second lawsuit filed by Barasch accuses Schiff of embezzling $3 million by promising to secure valuable artworks and then mishandling the sales process, the report on the ArtNet News web site said. The suit includes allegations of fraud, conspiracy, and unjust enrichment, painting a picture of a complex web of financial and ethical breaches.
As Schiff’s legal battle unfolds, the art world watches closely, reflecting on the potential ramifications for the industry’s ethical and financial landscape.
