Art Dealer Nicknamed "Mini Madoff" Sentenced to 7 Years in Prison
Former art dealer Inigio Philbrick was sentenced to 7 years in prison for his $86 million art fraud scheme.
Philbrick, nicknamed "mini Madoff" by the press, "knowingly misrepresented the ownership of certain artworks," the U.S. Attorney's Office said. He was known to sell more than 100% of ownership in specific artworks—including "Humidity" by Jean-Michel Basquiat and an untitled painting of Pablo Picasso by Rudolf Stingel—by selling fractional shares to multiple owners.
"Inigo Philbrick grew his purportedly successful art business by collateralizing and reselling fractional shares in high dollar contemporary art. Unfortunately, his success was built on brazen lies, including concealed ownership interests, fake documents, and even an invented art collector," U.S. Attorney Damian Williams said in a statement. "When the house of cards fell apart, Philbrick fled for a remote island in the Pacific, leaving many of his victims without recourse. For his extensive fraud, Philbrick is now sentenced to a substantial prison term."
Philbrick pleaded guilty in November 2021 to one count of wire fraud; at the time, he told the judge: "I knew my actions were wrong and illegal." Under the terms of his plea agreement, federal prosecutors recommended a sentence ranging from 121 to 151 months.
"I apologize without reservation or restraint," Philbrick said in court, per the New York Times, calling his behavior "outrageous and inexcusable."
During sentencing at the Federal District Court in Manhattan, Judge Sidney Stein told Philbrick to use his time in prison "effectively," saying, "there is a lot you can contribute while incarcerated. I do wish you good luck."
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