Art Dealer Sentenced to 7 Years in $86 Million Fraud Scheme - The New York Times

Inigo Philbrick pleaded guilty to fraud in deals involving works by Jean-Michel Basquiat, Christopher Wool and others. Prosecutors said he took advantage of the art market’s opacity.

In describing his scheme, prosecutors said that Mr. Philbrick had sold a total of more than 100 percent ownership in an artwork to multiple investors; sold works of art or used them as collateral on … [+1254 chars]

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