Lisa Schiff Art Collection Could Hit the Auction Block

Lisa Schiff collection of artworks goes on sale at Phillips New York. Overall, the NY auction house will sell advisors hundreds of artworks, should a state court rule in favour of the plan. This is the next phase of the deposed art dealer’s business being liquidated to pay off bills. A few of Schiff’s most significant clients filed lawsuits against her, claiming impropriety and fraud.

Douglas J. Pick, an insolvency attorney and the case’s administrator, revealed the potential agreement. This can be seen in records submitted to the Supreme Court of New York on November 29. Federal authorities and the office of New York District Attorney Alvin Bragg are presently conducting criminal inquiries. Due to rapidly escalating legal issues, she had to dissolve Schiff Fine Art.

Pick served as the trustee to manage the property sales for the good of her creditors. Since then, Pick discovered 231 pieces of artwork Schiff owns. Also, another person can’t reclaim this, to there is a chance the pieces will sell. Right now, the artwork resides in a safe storage space in Massachusetts. The Great American Security Insurance Company is taking care of the collection.

“Phillips is well-known and well-respected art auctioneer and maintains an office in New York City, as documents say. The auction house was picked because of its extensive experience and reputation in providing auction services”, Pick told the court. A Phillips New York representative did not respond or offer more information regarding the potential transaction.

Estimates for the Pieces

As stated by Pick in court records, the parameters of the agreement involve selling the artwork in several live and online auction events. The auction house will receive payment through buyers’ premiums. After that, Schiff’s company will reimburse for the price of shipment and packaging. An amount equal to 5% of the selling value of each parcel will go to Schiff’s inheritance.

Pick stated that until the renovations finish, Schiff will remain responsible for storage fees and insurance costs. The first question was how any remaining works at sale would end up forfeited. Estimates for works range from as low as $100 for a LOL Alternatives poster from Scotter Reeder, a Richard/Chain (2014) risograph by Charlotte Prodger, and Disney Letter (2014) by Aleksandra Domanovi.

Also, Katherine Bradford’s Handshake highest price will be $80,000. Despite pieces by well-known artists like Damien Hirst, just 21 lots have low predictions of more than $10,000. Other big names include Nan Goldin and Anicka Yi.

The lots would hit the block next year at various Phillips sales: the 20th Century & Contemporary Art online auction in early March, the Design live auction in June, the Design online auction in late February, the Editions & Works on Paper live auction scheduled for April, the New Now live auction in March and the TCA: Online Auctions scheduled for September and December.