Lisa Schiff, a former prominent art adviser known for her high-profile clients including Leonardo DiCaprio, has been sentenced to 2.5 years in prison for running a multimillion-dollar fraud operation that was exposed in 2023. She is set to start her sentence on July 1 and will also face two years of supervised release following her time in prison.
In October, Schiff, who earned recognition as a connoisseur of blue-chip contemporary art, pleaded guilty to defrauding clients of no less than $6.4 million through a multitude of deceitful transactions reminiscent of a Ponzi scheme.
During her sentencing at the Thurgood Marshall United States Courthouse in Manhattan, Schiff appeared in a white collared shirt and green sweater, with her hair styled in a bun. Prior to her remarks, she concentrated on a printed statement expressing her apologies to those affected, including artist Nicole Wittenberg and former clients Candice and Michael Barasch.
“I’m here as a criminal who has hurt my clients, colleagues, and friends,” Schiff said as she read from her notes. She specifically apologized to victims present by name, stating, “I’m a guilty person,” with her voice trembling and tears in her eyes.
However, her expressions of remorse did little to console the victims present, who visibly reacted with disbelief as Schiff’s attorney, Randy Zelin, spoke about her “significant cooperation” with authorities in recovering assets for her victims.
Michael Barasch also addressed the court, highlighting that victims are not merely names on paper but individuals who have experienced betrayal. He noted that merely a week before she turned herself in, Schiff solicited $190,000 from them for pieces they desired, questioning her guilt—”If she felt guilty, why did she continue to steal?”
For nearly 20 years, Schiff had established herself as a key figure in the art scene, guiding collectors on acquisitions and investments through her firm, Schiff Fine Art, which specialized in high-end contemporary works. Yet, her success concealed a deeper fraudulent scheme in which she misused client funds to maintain a façade of financial health, paying previous clients and covering personal expenses.
