Barbara Guggenheim Associates, Inc., a New York art advisory firm, is embroiled in legal conflict after founder Barbara Guggenheim and her longtime associate Abigail Asher filed dueling lawsuits in the Supreme Court of the State of New York. Guggenheim’s suit, filed in August but only recently reported by Artnet News, accuses Asher of diverting some $20.5 million in firm revenue for personal expenses, including rent, dinner bills, and home repairs, and alleges Asher wrongfully kept commissions from a Jean-Michel Basquiat artwork. Asher countersued, accusing Guggenheim of bullying, gaslighting, and using firm funds for personal costs like funeral expenses and luxury vehicles, while denying the financial misconduct claims. The lawsuits also involve the firm’s CPA, Robert Mandeltort, and Asher’s assistant, Jessica Lewis.
This dispute matters because it exposes the fragile dynamics within high-profile art advisory firms that manage multimillion-dollar collections for elite clients like Tom Cruise, Steven Spielberg, and Sony. The public airing of allegations—ranging from financial mismanagement to personal vendettas—could erode client trust in an industry built on discretion and personal relationships. The case also highlights the risks of long-term partnerships without formal ownership structures, as Asher declined a co-ownership offer, and may set a precedent for how art advisory firms handle internal conflicts and client transitions.