London art deals ‘fuelled by drugs’, fraudster claims

A London art dealer and gallery owner facing 20 years in prison has claimed the capital's trade is fuelled by drinking and drug taking.

Inigo Philbrick pleaded guilty to defrauding buyers of more than US$86m by selling artworks multiple times, or selling fractions of them that amounted to more than 100%.

In a New York court this week he said the culture of the London art scene contibuted to his crimes.

Philbrick, who ran a gallery in Mayfair, has provided officials with information about other alleged fraud in the art market, the Times reports.