Since the initial lawsuit, further investigation found out dealer Lisa Schiff has other claims worth millions pending against her.
In May, collector Candace Carmel Barasch filed two separate lawsuits against Schiff, a prominent art advisor. According to Barasch, she had paid Lisa Schiff $6.6 million to purchase artworks on her behalf; Schiff took the money but never delivered the artworks. Barasch also accused Schiff of failure to repay her and Richard Grossman $1.8 million from an Adrian Ghenie painting sale.
While those lawsuits are still pending verdicts, court proceedings led to the discovery of an important document. In August, Douglas J. Pick (who is in charge of liquidating Schiff’s firm to repay the money) submitted company documents. Investigation into the documents revealed that Lisa Schiff owed money to many others.
The names include artist Steffa Klein, who filed a claim of more than $500,000, and philanthropists Brian and Karen Conway, who filed a claim of at least $611,500. Thomas Hagerty, managing director of a private equity firm, and his wife also filed claims of at least $990,000.
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Winston Art Group, the entity hired to investigate the Schiff firm’s inventory, discovered other shocking details. According to their submitted report, there are some 108 works missing from Schiff’s inventory; their collective value is $1.13 million. On the other hand, Lisa Schiff still has more than $3 million worth of artwork in her inventory.
