Art Advisor To The Stars Hit With Lawsuit Alleging Ponzi Scheme

So, akin to Private Equity selling businesses to each other at ever increasing prices?

From ArtNet, May 12:

Art Advisor Lisa Schiff Hit With ‘Ponzi Scheme’ Lawsuit After an Adrian Ghenie Art-Flipping Deal Goes Awry

Disgruntled former clients have pointed to "lavish" spending and accused Schiff of running a Ponzi scheme. 

High profile art advisor Lisa Schiff has been hit with a lawsuit by two clients and longtime friends: real estate heiress Candace Barasch, and Richard Grossman.

The plaintiffs allege that Schiff, who runs the New York-based Schiff Fine Art advisory, owes them $1.8 million ($900,000 each) related to the sale of a painting by sought-after Romanian artist Adrian Ghenie. Barasch and Grossman filed a complaint in New York State Supreme Court on May 11. The causes of action are breach of contract, conversion, fraud, breach of fiduciary duty, and conspiracy.

The complaint appears to be yet another example of flipping art for profit gone wrong....

....MUCH MORE

May 17: Art Advisor Lisa Schiff, Accused of Fraud by Two Former Clients, Has Vacated Her London and New York Spaces

And May 19: Prominent Art Advisor Lisa Schiff Has Been Hit With a Second Lawsuit, Alleging She Embezzled Nearly $3 Million