A recent case from the US is a reminder of the risks of art
dealers making secret commission.
Lisa Jacobs, a fine art dealer, acted as agent for Michael
Schulhof, a former head of Sony America. He was acting as executor
of his late mother's estate.
Jacobs brokered a deal in October 2011 whereby she agreed to
sell an artwork called Future Sciences Versus the Man by
Jean Michael Basquiat for a minimum purchase price of US$6 million.
She was entitled to a US$50,000 fee when the sale completed. The
agreement also provided that Jacobs was not entitled to "any
fee from the purchaser, in cash or in kind."
In November 2011, Jacobs found a buyer, another art dealer
called Amy Wolf, who was willing to purchase the artwork for US$6.5
million. Jacobs informed Mr Schulhof that she had managed to get
the buyer up to a price of US$5.5 million. He accepted this. Jacobs
suggested that the deal be structured in two stages, stating that
the buyer wished to remain anonymous. Mr
