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Inigo Philbrick – More Art World Greed

November 26, 2019

Inigo Philbrick is a London and Miami based art dealer who, according to his website, offers blue-chip works by Donald Judd, Cy Twombly, and Richard Prince, is at the center of a tangled web in the art world’s “greed corner.” According to one suit, Philbrick acquired $14 million worth of art funded by Fine Art Partners (FAP was founded by Daniel Tümpel and Dr. Loretta Würtenberger to offer financial services to art dealers, collectors, and artists).  At the center of the case is an untitled 2012 Rudolf Stingel painting of a photograph of Pablo Picasso. With a strong history of sales under his belt, FAB trusted Philbrick to sell the works for a quick return. However, recently light was shed on his deceitful tactics in sales and three suits are now threatening to take him down. It is up to the New York Supreme Court to review all of the cases and determine who is the rightful owner of the Stingel.

Ownership “cheat sheet”

FAP, alleges they were never notified that Philbrick sold the Stingel in June 2017 to Guzzini Properties, Ltd., a company that collects art. Their suit claims that after putting pressure on Philbrick for not selling the works, he told them he consigned the painting to Christie’s.  Along with copies of the consignment agreement came several documents giving the Stingel a $9 million guarantee — all of which turned out to be fraudulent. They claim that since they were never notified or paid for the sale, title has not been transferred.

Aleksandar Pesko allegedly purchased a 50% share of the work for $3.35 million in 2016 and is determined to “vigorously protect his family’s ownership interest in the artwork.”

Guzzini, according to their lawsuit, purchased three paintings, one of which the Stingel, for a sum of $6 million, the fair market value in 2017.  They later consigned the work to a Christie’s 2019 auction and it sold for $6.52 million to Stellan Holm Gallery. However, the gallery has yet to pay for their purchase and Guzzini claims that Pesko never paid for his 50% stake either.

Stellan Holm Gallery – the winning bidders who have not filed a suit since they still have yet to foot the bill; so, technically, they’re out.

Philbrick – lol, obviously not.