Following Bankruptcy Filing, Beleaguered Advisor Lisa Schiff to Sell Collection at Phillips

Over 200 artworks from the inventory of art advisor Lisa Schiff are set to be auctioned as part of bankruptcy proceedings, Artnet News reported last week. Bankruptcy trustees have selected the auction house Phillips to oversee the sale, which is slated for November, pending court approval in a hearing scheduled for September 25.

The possibility of such a sale has been circulating in the art world for more than six months. 

Schiff’s collection features works by a wide range of artists, including Judy Chicago, Damien Hirst, and Richard Prince, and carries a combined presale estimate of $2 million. The sale comes after Schiff, once a high-profile advisor who, according to a 2020 profile published in Artsy, had a “formidable reputation” in the art world, declared bankruptcy earlier this year following multiple lawsuits alleging both fraud and a Ponzi scheme involving her advisory firm, Schiff Fine Art.

The bankruptcy trustees have employed Winston Art Group to catalog Schiff’s extensive holdings, a task that reportedly spanned 900 hours over eight months and uncovered over 1,000 pieces, although some remain missing.

In an effort to maximize proceeds, higher-value works will be sold by Phillips, while decorative items will be handled by Millea Brothers Auctioneers, Artnet News reported. Phillips, meanwhile, was chosen for its expertise and favorable terms, including a zero-percent seller’s commission and other fee waivers. The auction house plans to begin sales on November 18, aligning with major auctions in New York, though the proceedings are set to take place amid wider shifts in the art market.

Notifications have been sent to individuals who have dealt with Schiff, giving them until September 18 to object to the sale of specific items.