Unless you’re a keen follower of the arts, and the high-end world of art sales, you’ve probably never heard of Inigo Philbrick.

His story, and then subsequent arrest, has all the hallmarks of a classic ‘taken down by his own greed’ cautionary tale, with Philbrick recently arrested after eight months on the run.

To make things even better, the man the Times dubs the “boy wizard of the art world” was wearing designer swimming trunks and espadrilles at the time, the latter of which many consider a crime in itself.

33-year-old Philbrick was arrested by the FBI in the Republic of Vanuatu on June 11, and has been charged with wire fraud and aggravated identity theft, which could see him spend 22 years in prison.

His assets, worth an estimated $70million, have also been frozen:

“He went off the rails, he crossed the line,” Kenny Schachter, a former close friend of the dealer, said last week. “Greed and hubris played a part. But so did the easy money — and the idiots who wanted to make big money.”

Since Philbrick’s vanishing act eight months ago, civil lawsuits have alleged that the charming bon vivant had defrauded wealthy clients out of millions of pounds. He was accused of misappropriating sales proceeds, borrowing money against art he did not own and overselling shares in paintings to investors who had never set eyes on them.

The allegations against Philbrick have thrown a spotlight on some of the art market’s dirtiest corners, the byzantine deals used to prop up prices while keeping hidden the identities of buyers and sellers of works worth millions.

“His rationalisation was, ‘These people are rich, so screw them,’” said Schachter.

I mean, I can get behind that rationale to a point, but a crime is a crime.

The Daily Mail has also picked up the story, due in large part to the fact that Philbrick once dated Victoria Baker Harber, who stars in Made In Chelsea.

Can you really ‘star’ in Made In Chelsea? Anyway, that’s Philbrick and Baker Harber in happier times in both of the images above, with the reality TV ‘star’ really showing off her range of photo poses.

Back to the FBI and the arrest:

Philbrick “sold pieces he didn’t own and played games with millions of dollars in other people’s money”, according to William Sweeney, an assistant director of the FBI, which tracked Philbrick to his Pacific hideaway…

According to various accounts, Philbrick made no attempt to hide his identity and even bragged about his role in the London art scene. After police, acting on a request from the FBI, cornered him in the local artisanal market, friends in Vanuatu feared that he was being abducted by a disgruntled former client.

Still in his swimming trunks, his hands bound with zip ties, he was put on an unmarked plane to Guam, the American territory in the western Pacific. A few days later, US marshals provided him with a pair of trousers to appear in court and a judge approved his transfer to New York on charges of aggravated identity theft and wire fraud.

Glad he finally got that pair of trousers sorted.

According to his former friend Schachter, there is already a bidding war from Hollywood studios to secure the film rights to his story.

Philbrick opened his first gallery at 25, lived the glam life with winters in St Moritz and summers in Ibiza, and became known as an expert in contemporary New York artists.

Now, he’s just a bloke in secondhand trousers due to appear in court.

Read the Times story in full here, but let’s finish with a quick look at just how much of a mess he finds himself in:

‘As alleged, Inigo Philbrick was a serial swindler who misled art collectors, investors, and lenders out of more than $20 million,’ The US attorney for the Southern District of New York Geoffrey S. Berman said in a press release.

‘You can’t sell more than 100 per cent ownership in a single piece of art, which Philbrick allegedly did, among other scams.

‘When his schemes began to unravel, Philbrick allegedly fled the country. Now he is in U.S. custody and facing justice,’ Berman added.

Unlucky, Inigo.

Somebody may have peaked a little early.

Thanks, Rich

[sources:times&dailymail]