Art News. Vasari Codex

smith partner art investment firm 11m fraud

Smith and Partner, a London-based art investment firm, has been accused of defrauding over a thousand investors out of $11 million through a scheme involving high-pressure sales of limited edition art prints with promises of future returns that rarely materialized. The company, founded by Austrian citizen Peter Paul Adam in 2015, faced complaints from 2020 onward, leading to its bank freezing accounts and an investigation by British Trading Standards. Liquidators are seeking $17 million in compensation, and a High Court judge has upheld asset freeze orders against former director Luke Sparkes and his company Zeno Fine Art, which allegedly inflated print prices by nearly 500 percent.

article news schedule Apr 29, 2026 visibility 14

Aristophil : Gérard Lhéritier reconnaît sa culpabilité et obtient une peine réduite

Gérard Lhéritier, founder of the art investment firm Aristophil, has pleaded guilty in a French court under a procedure known as comparution sur reconnaissance préalable de culpabilité (CRPC), effectively a plea bargain. On April 14, he admitted responsibility for fraud and deceptive commercial practices after more than a decade of denial. This late admission, made just before his expected incarceration, reduces his sentence from the five years of imprisonment handed down in December 2025 to two years under electronic monitoring. The case stems from Aristophil’s collapse, which involved selling shares in manuscripts and historical documents as attractive investments, leaving thousands of investors heavily impacted.

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