Lisa Schiff, a prominent New York art adviser who once worked with high-profile clients, including Leonardo DiCaprio, has been sentenced to 30 months in federal prison for defrauding clients out of $6.5 million. The sentencing, delivered by Judge J. Paul Oetken in Manhattan federal court on March 19, 2025, also includes two years of supervised release, along with an order to forfeit nearly $6.5 million and pay over $9 million in restitution.
A High-Profile Fall from Grace
Schiff, once a respected figure in the art world, used her position to exploit her clients over a period of five years. Prosecutors detailed how she misappropriated funds by selling artworks without her clients’ knowledge, keeping the proceeds, and accepting payments for pieces she never purchased. Over a dozen clients—including collectors, artists, estates, and galleries—fell victim to her fraudulent activities.
The stolen money funded an opulent lifestyle. Schiff lived in a $25,000-per-month apartment, operated her business from a $2 million office, and frequently indulged in luxurious European vacations. Court records revealed that she spent extravagant amounts on high-end hotels, designer boutiques, and exclusive rentals, including a Greek villa, yacht, and helicopter.
The Emotional Toll on Victims
During the sentencing, Schiff tearfully expressed remorse, apologizing to those she deceived. Among her victims was Michael Barasch, who described feeling deeply betrayed, as his family had considered Schiff a close friend. “Your disgraceful conduct goes well beyond stolen money,” he said in court. “You broke my wife’s heart. You were her best friend, or so she thought.”
Judge Oetken acknowledged that Schiff’s crimes were “quite brazen” and had caused significant harm to those who trusted her. While noting her intelligence and role as a single mother, he emphasized the seriousness of her misconduct.
A Cautionary Tale for the Art World
Lisa Schiff’s downfall serves as a stark warning about the potential for fraud within the high-stakes world of art advisory. The case highlights the importance of transparency and ethical practices in a field where trust is paramount.
As Schiff begins her prison sentence, the art world is left grappling with the impact of her deception, reinforcing the need for vigilance when entrusting advisers with valuable assets.
