November 30, 2021
Inigo Philbrick, the art dealer who allegedly fleeced collectors, investors and lenders out of more than $20m, then fled to a tropical island, pleaded guilty to federal wire fraud charges in a New York criminal court today. When asked by Judge Stein of New York’s Southern District Court why he committed the crime, Philbrick said “for the money, your honour”.
He misrepresented the ownership of certain
works for his benefit, sold shares of works to multiple investors for totals
that exceeded 100%, used some of those works to secure loans for himself and
forged consignment documents.
Philbrick had a list of international
collectors that he duped into investing in blue-chip artists such as Andy
Warhol, Jean-Michel Basquiat, Pablo Picasso, and Christopher Wool.
He is scheduled to be sentenced in March
and faces a sentence of up to 20 years in prison.
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