While 2023 was a long and challenging year for many, no more so than for former top art adviser, Lisa Schiff. Following legal claims filed against Schiff that began this past May alleging fraud, Phillips New York has been tapped to potentially auction off over two-hundred works from Schiff’s collection. The New York Supreme Court still has to approve the proposal to liquidate Schiff’s business to settle debts. Schiff filed for bankrupcty earlier this month.

Bankruptcy lawyer, Douglas J. Pick (also the assignee in the case), set out the possible auction in materials filed with the state court this past November. It appears too that Pick is also seeking the Court’s approval to include five paintings by Max Jansons.

Regardless of the Court’s decision on an auction and what will be included, for Schiff the legal matters are far from over. Federal prosecutors and the New York District Attorney both have pending criminal investigations into Schiff and her former art consultancy business. Positively, the art advisory and consultancy business may never be the same again – and may well be overdue for some re-thinking on more transparent business practices that better serve advisers, consultants, collectors, and investors.