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Case Summary

Guzzini Properties Ltd. v. "Untitled by Rudolf Stingel, 2012"

Guzzini Properties Ltd. v. "Untitled by Rudolf Stingel, 2012," in Rem,  No. 656467/2019 (N.Y. Sup. Ct. Jan. 6, 2022).

Précis

According to an investigation by the Federal Bureau of Investigation, from at least 2016 onward, Mr. Philbrick obtained millions of dollars in loans and sales proceeds by providing false documents and information regarding the provenance, ownership, identities, and sales of artworks. Indeed, he has been accused of defrauding collectors, investors, financial lenders, and other art market players by selling a single artwork to multiple buyers at the same time.  He also used artworks that he did not own as collateral, causing over $20 million in losses for his victims.

Guzzini Properties Ltd. is an investment vehicle owned by the affluent British brothers Simon and David Reuben. Guzzini claimed that, in June 2017, it entered into an agreement with Mr. Philbrick’s company...






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