Phillips Auctions Artworks from Disgraced Art Advisor Lisa Schiff's Collection, Reaching $1.9 Million in Sales
Phillips auction house has successfully liquidated a significant portion of the art collection belonging to Lisa Schiff, the disgraced art advisor. To date, these sales have generated approximately $1.9 million, a figure largely consistent with initial projections. The liquidation is ongoing, aiming to compensate Schiff's creditors following her conviction for defrauding clients.
In September 2024, reports indicated that bankruptcy trustees had engaged Phillips to manage the sale of around 220 art pieces from Schiff's personal collection, alongside the remaining inventory from her defunct company, Schiff Fine Art. The combined estimated value for these assets was roughly $2 million. Noteworthy creditors, including collectors Candace Carmel Barasch and Richard Grossman, stand to benefit from these sales.
Recently, specific pieces from Schiff's collection fetched notable prices. A 2022 painting by Corydon Cowansage sold for $7,095, falling within its estimated range of $6,000 to $8,000. Additionally, a 1987 Richard Prince print, a T-shirt mounted on board, realized $51,600, significantly exceeding its $20,000 to $30,000 estimate during a recent online auction.
These auction activities stem from Schiff's legal troubles. In October 2024, she admitted guilt in a Manhattan federal court to defrauding her clients of $6.5 million. As part of her plea agreement, she was ordered to forfeit approximately $6.4 million. By March 2025, Schiff received a sentence of two and a half years in federal prison.
Phillips initiated the sales of Schiff's assets in November 2024. Among the most lucrative sales so far was Joel Mesler's 2021 painting, 'Untitled (Bananas),' which commanded $69,850 in a "New Now" sale in February 2025.
Beyond traditional artworks, the auctions have also included design pieces and jewelry from Schiff's holdings. A chair designed by Fernando and Humberto Campana surpassed its estimate, selling for $38,100 in December 2024. Furthermore, three rings from Hemmerle were sold in a jewelry auction last year, with prices ranging from $16,510 to $27,940.
Phillips representatives have confirmed that the sale of Schiff's assets will continue, though the exact number of remaining items was not disclosed. Upcoming auctions in mid-July are slated to feature two works by Richard Prince, one by Chris Ofili, and one by Raymond Pettibon, with a collective estimated value between $145,000 and $205,000.
It's worth noting that Phillips is not the sole entity liquidating Schiff's properties. Earlier this month, Millea Brothers Auctioneers, based in Boonton, New Jersey, included 17 lower-value items from Schiff's collection in a two-day online sale. While five of these items failed to sell, the collection collectively generated $20,325. The highest price achieved in this segment was $9,000 for a 2010 Damien Loeb painting, originally estimated between $1,500 and $2,500.
The ongoing liquidation by Phillips and other auction houses underscores the concerted effort to recover funds for Lisa Schiff's victims. The diverse array of items, from contemporary art to designer furniture and high-end jewelry, reflects the breadth of her collection and the extent of the financial liabilities incurred. These sales not only aim to mitigate the losses of those defrauded but also highlight the complexities and consequences within the high-stakes art market when ethical boundaries are crossed.