The art world is bracing for a highly anticipated sale of over 200 works from the collection of disgraced art adviser Lisa Schiff, set to be auctioned by Phillips beginning on November 18, 2023. This auction is part of the bankruptcy proceedings for Schiff and her advisory firm, Schiff Fine Art, following multiple fraud allegations, including accusations of running a “Ponzi scheme” and misusing client funds. The pieces in her collection, which include notable works by artists such as Richard Prince and Damien Hirst, are expected to generate up to $2 million to help repay the debts from her downfall.
This sale comes after months of legal turmoil since the first lawsuit against Schiff was filed in May 2023, accusing her of defrauding clients and living extravagantly off funds meant for multimillion-dollar art acquisitions. As the scandal deepened, bankruptcy trustees enlisted the Winston Art Group to appraise and catalog Schiff’s extensive art holdings, uncovering over 1,000 pieces. Some of the works, however, remain unaccounted for.
The auction will be divided between Phillips, which will handle the higher-end works, and Millea Brothers Auctioneers, which will take charge of decorative, lower-value items. Phillips’ involvement comes as a strategic choice by bankruptcy trustees, who appreciated the auction house’s willingness to waive its seller’s commission, maximizing the returns for creditors. This marks the final chapter in a saga that has captivated the art and legal worlds, offering a rare glimpse into the financial underpinnings of high-profile art dealings gone awry.
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The proceedings remain under legal review following a hearing on September 25. Any objections regarding specific items must be submitted by collectors before mid-October. Despite the complexity of this legal drama, the auction promises to bring a close to the financial chaos surrounding Schiff’s advisory firm, with a portion of the sales potentially reimbursing her defrauded clients.
