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Lisa Schiff, 54, a well-known contemporary art consultant, was sentenced to 30 months behind bars in Manhattan federal court on Wednesday, March 19, after admitting to a massive fraud in which she stole money meant for art purchases and sales, instead using it to fund a lavish lifestyle and cover mounting debts.
Schiff ran her scheme for five years, from 2018 through 2023, using her company, Schiff Fine Art (SFA), to swindle at least 12 clients, one artist, an artist’s estate, and an art gallery, according to the US Attorney’s Office for the Southern District.
Rather than remitting proceeds from art sales to clients, Schiff pocketed the money and misled them—sometimes falsely claiming that a buyer had delayed payment, when in reality, she had already sold the artwork and spent the funds.
In other cases, she took money from clients who believed she was purchasing artwork on their behalf, only to divert the cash for personal expenses, prosecutors said.
Even in 2020, when Schiff briefly considered confessing to at least two victims, she ultimately chose to continue defrauding them and others for three more years.
The scheme finally unraveled in May 2023, when Schiff, overwhelmed by mounting debts, could no longer conceal her crimes and admitted to stealing millions.
Along with her 30-month prison sentence, Schiff was ordered to pay over $9.1 million in restitution and forfeit more than $6.4 million. She will also serve two years of supervised release after completing her prison term.
“Because of Schiff’s lies and her illusory art advisory scam, Schiff will now serve a substantial sentence in prison,” said Acting US Attorney Matthew Podolsky.
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