His Crimes
Eventually all those fast-cash art transactions started to catch up with him. The artists whose values he exaggerated stopped bringing in the big bucks, the cash flow slowed, and Philbrick couldn't keep up with the return on investments. So what did he actually do wrong, and why does he have lawyers from across the world trying to track him down? Well, he oversold shares of individual pieces, faked valuations, forged documents (from Christie's!), and - get this - even sold the same artwork to multiple different people. All that, in addition to using blue chip art he literally did not own as collateral on multimillion dollar loans. The cojones on this dude!
There's a Basquiat mixed up in all this, some Donald Judd, a Yayoi Kusama, and paintings by Wade Guyton and Rudolf Stingel. His victims brazenly include British billionaire brothers Simon and David Reuben, who spent $6 million on a portrait of Pablo Picasso by Stingel, and are now battling it out with two other entities who claim to have bought the work through Philbrick. No wonder he's disappeared, taking the money - and other people's art - with him.