International Art Dealer Pleads Guilty in €76 million Fraud Scandal
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A former art dealer operating between London and Miami pleaded guilty to defrauding art buyers for over €76 million.
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Philbrick owns galleries in Miami and London.
Inigo Philbrick, a former art dealer operating between London and Miami, pleaded guilty on Thursday for defrauding art buyers for over €76 million.
Prosecutors said he carried out the fraud by selling ownership to many individuals and entities at the same time. He also misrepresented the price of many artworks, using false names and signatures and lying about whether pieces he was dealing in were available or not.
Philbrick is a US citizen who also lived in London. He could face up to 20 years in prison. When he was asked why he misled such a large number of art collectors, he simply replied: "Money".
"Inigo Philbrick was a serial swindler who took advantage of the lack of transparency in the art market to defraud art collectors, investors, and lenders of more than $86 million (€76 million) to finance his art business and his lifestyle," said US Attorney Damian Williams.
He was caught when defrauded art buyers began filing civil lawsuits against him. Philbrick fled the US in 2019 before being arrested in the Republic of Vanuatu, an island country in the South Pacific Ocean.
