Key Points

• Sentence : 30 months in prison and 2 years of supervised release.
• Fraud : 55 works involved, more than 10 million dollars embezzled.
• Victims : 12 clients, including collectors and galleries.
• Luxurious lifestyle : $25,000/month apartment, travel, yachts.
• Sanctions : $9.1 million to be repaid, $6.5 million fine.

An influential figure in the art market at the heart of a financial scandal

Lisa Schiff, a prominent Manhattan art consultant, has been sentenced to 30 months in federal prison for fraud after defrauding several wealthy clients. Her five-year scheme (2018-2023) involved 55 works of art and caused losses of more than $10 million .

A Well-Orchestrated Scam in the Art World

Lisa Schiff, once known for her advice to wealthy collectors and renowned galleries, abused the trust of 12 victims , including private clients, an artist's estate, and a gallery. She embezzled millions of dollars by selling artworks without ever paying the proceeds to the owners or by accepting payments for fictitious acquisitions.

The investigation revealed that Schiff used these funds to finance his lavish lifestyle . Among his extravagant expenses:

• An apartment in Manhattan costing $25,000 a month
• An office estimated at 2 million dollars
• Lavish European trips with villa rentals, yachts and helicopter flights

A notable example of this fraud involves the sale of a painting by Sotheby's Hong Kong in 2022 , which reportedly generated $1.8 million —a sum never returned to the owners. In addition, the Barasch couple lost $6.6 million in fictitious transactions orchestrated by Schiff.

A severe sentence and substantial repayments

Admitting her guilt in October 2024 , Lisa Schiff was sentenced by District Judge J. Paul Oetken to:

• 30 months in federal prison
• 2 years of supervised release
• $6.5 million fine
• $9.1 million to be returned to his victims

Judicial authorities have highlighted the significance of his financial crimes , which caused significant harm to the art world. Schiff premeditated his actions by taking advantage of his network and reputation to manipulate his clients.

A destroyed reputation and an uncertain future

At 55 , Lisa Schiff's career is crumbling under the weight of her misdeeds. Once respected for her contemporary art consulting, she is now associated with one of the biggest fraud scandals in the art market .