An auction is set to take place next month in NYC featuring the private art collection of Lisa Schiff, a former art world figure who is now facing substantial debt. Schiff, who once boasted about her connections to celebrities like Leonardo DiCaprio, obtained multimillion-dollar paintings for various high-profile clients, including Manhattan society figures. Now, her collection of 200 works by renowned artists such as Damien Hirst, Dennis Hopper, and Richard Prince is being liquidated to pay off her debts. The auction is expected to fetch $2 million, although concerns have been raised about the impact of the scandal on the prices of the artworks. Schiff is accused of running a Ponzi scheme and owing millions to collectors, as well as American Express. The sale of her collection marks a downfall for the once well-connected art world insider.
The complaint alleges that Barasch observed Schiff spending large sums of money on couture, accessories, and jewelry, as well as paying high rent and tuition fees for her son. Despite not coming from the art world originally, Schiff managed to establish herself in the exclusive art scene.
Originally from Miami, she graduated with a degree in art history from the University of Michigan before moving to Manhattan. She gained experience working at Phillips and Edward Tyler Nahem Fine Art before venturing out on her own as an art adviser.
Although she initially had doubts about starting her own business, Schiff gained the trust of her clients and managed their funds for art purchases and sales. She was known for having a keen eye for desirable artworks and connecting collectors with pieces they desired.
While some questioned her credibility, others believed in her abilities and saw her as a talented art dealer. Despite the allegations against her, some clients still see her in a positive light and believe she could potentially make a comeback in the art world.
