The news hit the art world like a bombshell. One of the most prominent art advisers in the business, Lisa Schiff, had been targeted by two explosive lawsuits brought by former clients — one also a close friend. The lawsuits accused Schiff of breach of contract, fraud and conspiracy, alleging that in her role as adviser she bilked clients out of millions of dollars on art deals.
Among her clients was film star Leonardo DiCaprio, although that relationship apparently ended five years ago. But Schiff had also brokered deals with multiple clients for works by artists such as Wangechi Mutu, Sarah Lucas and Chloe Wise.
The allegations — brought by her (now presumably former) friend, real-estate heir Candace Barasch, and lawyer Richard Grossman — charge that Schiff owes them $1.8mn over a painting by the Cluj school artist Adrian Ghenie. She allegedly bought the work on their behalf but never remitted the full profit when it was resold. A second lawsuit claims she advised clients to buy art and took payment for it but never passed those payments on to the galleries. She has started liquidating her business, according to court documents; she and her lawyer John Cahill did not respond to a request for comment on the cases.