Lisa Schiff was a darling of the NYC art scene. Now her company is insolvent and she’s being accused of fraud. How did it go so wrong?
that she had planned to be a professor until “her parents cut her off and she had to make a living.”
In 2019, she opened her first physical space in Tribeca, which combined her advisory firm with a concept store and exhibition space. The move was seen as a sign of Schiff’s staying power—she signed a 10-year lease—and of her intrepidness. Aprofile called the opening of the space “unprecedented” and declared that Schiff was “disrupting the art advisory business.”
“She always flew business, always had cars set up in advance—not even using Uber, but car services,” the source said. “Everything was VIP, first class, yet somehow she still had to look to borrow money from people or postpone payments.”The source also said Schiff had a habit of mingling friendship with business, and of “leaning on friends who also were clients.” This person said they observed Schiff putting off payments to—and even borrowing money from—her wealthy clients.
In total, the complaint alleged, the Barasches paid Schiff or her companies more than $6.6 million over 18 months, but “much of” that money was instead used to pay for Schiff’s personal expenses, other debts, or acquisitions for different clients. “I tell new collectors: Art is not liquid. If you feel like you might need to get your money out for an emergency, do not collect art, because your transactable window is, like, two weeks long—unpredictable,” she said. “And when it’s not there, do not try to sell. Yet everybody does, and they hate it, and they’re furious.
Daniel Weiner, co-chair of the art law practice at Hughes Hubbard & Reed, attested that the industry is a natural target for fraudsters; massive deals are sometimes done in secret and wealthy buyers often operate through layers of advisers and LLCs. “Money plus trust plus opacity equals trouble,” he said. “No one counterfeits $1 bills. If there's more money, then that attracts more people who can engage in misconduct.
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