Art Adviser Ordered to Pay $1M to Client
Art adviser Lisa Jacobs has been ordered to pay Michael Schulhof the $1m she made from the sale of a Jean-Michel Basquiat painting . In a decision from February 27, 2017, New York Supreme Court Judge Charles Ramos ruled that Jacobs had committed fraud and breached a contract that set her fee at $50,000.
Additionally, the court stated that “Jacobs’ disloyalty to Mr. Schulhof causes her to forfeit the $50,000 in compensation earned for the sale of the Work.”