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In May 2022, the disgraced young art dealer Inigo Philbrick was sentenced to seven years in a US prison for wire fraud, having deceived investors and collectors out of an estimated sum of more than $86mn. The Great Art Fraud, an extensive and riveting documentary, explains what he did and how he did it, as well as having a good stab at putting its finger on why. The story combines crime and high farce, and it makes for a rollicking ride.
Philbrick was a wunderkind who began his career as an intern at White Cube gallery in London, and soon came under the tutelage of its owner, the modern art mogul Jay Jopling. By the time Philbrick was in his early 20s, he was running a gallery, bankrolled by Jopling, and was managing substantial funds for major collectors. The sums involved are eye-watering. In 2011, he made a splash when he purchased a piece by Andreas Gursky for a client, setting the then record highest price ever paid for a photograph at $4.3mn. This piqued the interest of the US mega-dealer Larry Gagosian, who sent over an assistant to find out who had made this deal.
Philbrick tells this story, and others, with flair. The many critics, gallerists, financiers and dealers who speak here note his charm and confidence, and, over the course of a substantial interview with him, that is certainly in evidence. Even over a phone call, conducted when Philbrick is in prison, he comes across as genial. The first episode of this two-part documentary examines his rise and his unravelling; the second, his flight from the onslaught of lawsuits and the arrest warrant that resulted in an FBI manhunt.
There is frequent mention of how unregulated the art market is, of how secretive and reliant on trust its relationships can be. Philbrick won the trust of many, but the loose theory here seems to be that in trying to match the lifestyles of his clients — yachts, luxury holidays, casual $5,000 bottles of wine — he lost any sense of his own limits. The film does an outstanding job of explaining the intricacies of his corrupt deals — essentially, selling more shares in an artwork than exist, to multiple owners — to the layperson, while maintaining an intimate and insider-ish feel.
At times the commentary is amusingly cutting. Philbrick opens a gallery in Miami because the city has “not quite as much taste” as London, suggests one critic, waspishly. Philbrick’s girlfriend, now wife, Victoria Baker-Harber, who rose to fame on the reality show Made In Chelsea, is candid about their party days. By the time the whole ruse has come crashing down, with an auction at Christie’s involving a Rudolf Stingel painting of Picasso and a fraudulent document, it has become as mesmerising as any thriller.
★★★★☆
On BBC2 on August 27 at 9pm