More than 200 works of art from the inventory of the legally beleaguered art adviser Lisa Schiff are to be auctioned as part of bankruptcy proceedings in New York, Artnet News reports. The auction house Phillips would offer the pieces across multiple sales beginning on 18 November in the Empire City, pending the results of a hearing on 25 September.
If the sales proceed as proposed, they would end nearly a year of art world anticipation—and even more than that, if one were to begin counting from the emergence of the first lawsuit against Schiff and her advisory firm, Schiff Fine Art, in May 2023.
Schiff’s formidable collection features works by heavy hitters such as Richard Prince and Damien Hirst. The pieces slated to hit the auction block at Phillips are estimated to fetch up to $2m, which would be used to at least partially repay the debts incurred during Schiff’s much-discussed professional fall from grace. Multiple former clients have filed complaints in New York accusing her of fraud (including one allegation of a “Ponzi scheme”) and redirecting money earmarked for multimillion-dollar art purchases to fund her “lavish lifestyle” and to “cover debts…owed to other clients”.
Appraisers at the Winston Art Group undertook the task of cataloging Schiff’s art trove; the eight-month endeavour produced a list of more than 1,000 works, although some of those identified have yet to be located. According to Artnet News, the sale will take place in two tiers: lower-valued decorative items will be offered through Millea Brothers Auctioneers, while bigger-ticket works of art will be handled by Phillips. The bankruptcy trustees selected the latter firm in part for its willingness to waive the seller’s commission, the percentage of the sale price that consignors typically pay to the auction house.
In a notice obtained by ARTnews on 19 September, Geron Legal Advisors informed the creditors of Schiff herself and Schiff Fine Art of the proposed sales. The document urged the recipients to file any objections to the sale of particular items in the proposed lot list by 18 September, and any other parties to do so by 10 October. Collectors not named in the original bankruptcy filing also have the opportunity to claim any unrelinquished pieces that can be proven to be rightfully theirs. “Your objection must identify the artwork(s) you object to for sale in detail and the basis for such objection, and must attach documentation in support of your objection,” the notice reads.
The court permitted a handful of works and books owned by Schiff and her firm to be sold in the autumn of 2023 through a combination of private transactions and auctions. But barring any reversals, the proposed Phillips sale will be the endgame that art and legal professionals have long been waiting for.
