Inigo Philbrick, 32, art dealer, stood in the witness box. He had just been sentenced to 7 years in jail in the US for what prosecutors described as ‘one of the most significant frauds in American art market history’. What drove you? He was asked by the court judge. ‘For the money, Your Honour’ was the reply.
He took $86 million dollars(that’s about £ 65 million pounds) from investors and buyers weaving a web of lies and criminal activity. This talk tells how he did it, and also reveals how little we know about what happens behind the scenes. That the art market has become a magnet for those looking to make money. It’s like a stock market, but the big difference is that there is little regulation- leaving it open to abuse by people like Inigo. His story gives us a glimpse into this world where collectors, investors and even famous dealers like Jay Jopling were stung by what one of Philbrick's friends described as “a combination of greed, opportunity and the desire to be the art world’s next big thing”. Compared in looks to pop star Justin Timberlake, Philbrick matched his clients' lifestyles of private planes, extravagant spending on clothes,entertaining and holidays - in order to make his deals. Having served 4 years in jail, Philbrick is now out and wanting to re-start his art dealing career! While film producers race to make the movie about him entitled 'all that glittters' - there is no move to ensure any regulation in the art world where collectors and investors can be caught out by fraud.