Beautiful Virgin Islands

Tuesday, Jun 03, 2025

British Property Tycoon Emerges as Investor in Alleged Art Scam

British Property Tycoon Emerges as Investor in Alleged Art Scam

The British entrepreneur who built up property company Dawnay Day before it collapsed amid the global financial crisis may be encountering trouble with a more recent investment — a share in a painting purchased from a high-flying art dealer now facing fraud charges.
Peter Klimt has asserted a 50% interest in a 1994 Rudolf Stingel painting based on a 2017 deal with Inigo Philbrick, according to a New York court filing last month by another claimant. In one of the biggest art-world scandals in recent memory, Philbrick in 2019 fled his London and Miami galleries for the South Pacific nation of Vanuatu before he was arrested in June on U.S. charges that he sold the same works to multiple buyers in a Ponzi-like scheme.

Klimt’s $1 million investment in the untitled work was raised in a lawsuit filed by Athena Art Finance Corp., a finance firm linked to billionaire George Soros which loaned money to Philbrick against the Stingel. Athena is now seeking a declaration from the court that there are no valid third-party title claims, including Klimt’s, impeding its rights to sell the painting.

Athena declined to comment. Alex Klimt, Peter’s son, declined to comment on behalf of the family. The painting is currently in Athena’s control in a secured facility in New York, according to court filings.

Klimt is one of multiple investors seeking to lay claim to paintings sold by Philbrick, who is currently being held in jail in New York ahead of a trial. Bloomberg previously revealed that British billionaire brothers David and Simon Reuben are behind Guzzini Properties Ltd., a company which claims ownership of another Stingel painting — his 2012 untitled portrait of Picasso.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×