Art Dealer Inigo Philbrick Sentenced to 7 Years for £86 Million Fraud

Inigo Philbrick, a London-born art dealer, was sentenced to 7 years in prison in May 2022 for orchestrating an £86 million art fraud, the largest known in US history. Philbrick, who had a privileged upbringing with connections to the art world, began his career at the White Cube gallery in 2006 before starting his own business in 2012.

The fraud began around 2016, the same year Philbrick met his wife, Victoria Baker Harber. He sold shares in art pieces to multiple people and used artworks as collateral without informing the owners. His business reported a £130 million turnover in 2017, but by 2019, his deceptions began to unravel and he went on the run.

After an eight-month international manhunt, Philbrick was arrested in Vanuatu in June 2020 and extradited to the US. In November 2021, he pleaded guilty to one count of wire fraud. "Inigo Philbrick was a serial swindler who took advantage of the lack of transparency in the art market to defraud art collectors, investors, and lenders of more than $86 million to finance his art business and his lifestyle," said U.S. Attorney Damian Williams.

Why this matters: The case highlights the potential for fraud in the often opaque and unregulated art market. It also raises questions about the need for greater transparency and oversight in the industry to protect investors and prevent similar crimes in the future.

In addition to his prison sentence, Philbrick was ordered to pay £86 million in restitution to his victims. He was released early from prison in February 2024 and is now living with his wife and daughter in New England, though his exact whereabouts are being kept vague. The story of Philbrick's rise and fall is being adapted into a scripted series by HBO and a three-part BBC documentary.

Key Takeaways

• Inigo Philbrick, a London-born art dealer, sentenced to 7 years for £86M art fraud.
• Philbrick sold art shares to multiple people and used artworks as collateral without owners' knowledge.
• After an 8-month manhunt, Philbrick was arrested in Vanuatu and extradited to the US.
• Case highlights lack of transparency and oversight in the art market, enabling fraud.
• Philbrick ordered to pay £86M in restitution, released early from prison in 2024.