Art advisors Barbara Guggenheim and Abigail Asher, who ran the blue-chip advisory Guggenheim Asher Associates for 37 years, are now locked in a bitter legal dispute. Lawsuits filed in New York Supreme Court allege fraud, tax evasion, misappropriation of funds, abuse, and exploitation. Guggenheim claims Asher misappropriated over $20.5 million in revenue, while Asher counters with accusations of unethical behavior, including using sex and kickbacks to secure artworks and lying to collectors. The firm’s clients included celebrities like Steven Spielberg and Tom Cruise and corporations such as Sony and Coca-Cola.
The implosion of Guggenheim Asher Associates matters because it highlights vulnerabilities in the high-end art advisory sector amid a broader art market downturn, with sales declining for three years and prominent galleries closing. The case follows the recent sentencing of art advisor Lisa Schiff for stealing from clients, underscoring a pattern of trust erosion in the opaque, ultra-wealthy art world. The dispute also raises questions about oversight and accountability in an industry where advisors wield significant influence over major acquisitions.