His victims include Kenny Schachter, an American artist, academic and writer, who lost more than $1.5m to Philbrick. “He misappropriated my funds, my art, like he did with many people,” he says. What makes it all the more painful is that they were once friends, close enough to have holidayed together, and he remembers Philbrick as a “very talented art dealer” who was “sharp, fun and funny”.
Grossman says: “Philbrick was selling interests without disclosing the fact of that transfer and, in some instances, selling more than 100 per cent of the work … he lied not only about the purchase price, but ultimately stole the work and tried to pledge it as collateral on a loan.” Philbrick’s fraud was exposed in 2019, following rumours of shady dealings and investors demanding the return of investments or artworks. Facing multiple lawsuits, he fled to the Pacific island of Vanuatu, where he was arrested by US law enforcement agents. FBI assistant director William F Sweeney Jr said then: “Philbrick allegedly sought out high-dollar art investors, sold pieces he didn’t own, and played games with millions of dollars in other people’s money.
The British artists Gilbert and George even gave the court a character reference, remembering Philbrick as “a very talented, extraordinary, charming, honest and decent young person”. Sharon Flescher, executive director of the International Foundation for Art Research , says: “Fortunately, scams like the Inigo Philbrick case don’t happen that often. But when they do, they expose the soft underbelly of an art world where large sums of money are transferred, often with little transparency.“This case shows what happens when trust is misplaced and people of seemingly good background turn out to be dishonest.