The stunning downfall of New York art maven Lisa Schiff is no longer restricted to allegations made by the ultra-wealthy—and often high-profile—clientele who earlier this year alleged she swindled them out of millions of dollars.
American Express National Bank, the business card provider for Schiff and her company, Schiff Fine Art, LLC, accused both of failing to make even minimum payments in recent months and said that Schiff was hundreds of thousands of dollars in arrears, breaking her agreement with the bank and prompting them to sue her in New York Supreme Court.
Schiff dizzying fall from grace began after two wealthy clients alleged she owed them $1.8 million and that she was “running a Ponzi scheme,” in a lawsuit filed with New York Supreme Court.
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After The Daily Beast first reported the lawsuit, others in the art world accused Schiff of financial irregularities, according to a subsequent lawsuit that alleged Schiff used millions meant to buy luxury art to pay off debts and finance her lavish lifestyle.
It took just days for Schiff to declare her company defunct, her New York and London offices to empty, and the prospect of criminal charges had worked to tarnish her reputation in the art world.
Further court filings showed dozens of additional claims against Schiff, with various figures seeking hundreds of thousands of dollars each.
Schiff had lived a lavish lifestyle—residing in a $25,000-a-month apartment and sending her son to an expensive private school, according to court documents—despite her alleged failure to pay back both her clients and her bank.
She even joked on social media during a trip to Paris that she did “ZERO cultural activities besides explosive shopping.”
“So when I can’t pay my Amex, I am going to file an Insurance claim. I know it’s going to work,” she wrote.
The last payment made to her account came in June for $14,569, American Express said, alleging that Schiff refused to pay even the minimum account balance in the months since—leaving her with a total debt of $509,678.32.
American Express also alleged the funding it provided Schiff allowed her to unjustly enrich herself and said it would pursue damages relating to her “unjust enrichment” that would be determined at trial.
Neither Schiff nor her attorney were immediately available for comment.
