Tax

'No matter how wealthy you are, no one is above the law': New York court rejects Sotheby's attempt to dismiss suit alleging it helped collector evade tax on $27m of art

Attorney general claims the auction house created and used tax exemption certificates that falsely presented the buyer as an art dealer in order to dodge payments. Sotheby's says it will continue to contest the case

UK 'tourist tax' will hit dealers of jewellery, silver and small pictures hard, trade body says

Lobby groups fear abolishing tax-free shopping will deter buyers from China, the Middle East and Russia at a cost of £6bn

Taxnews

UK government receives record £65m art gifts in lieu of inheritance tax

National scheme gains significance in the pandemic as "a shift away from blockbuster touring shows" will place greater importance on public collections

Art marketcomment

The art trade benefits from the UK's low import duty. What will happen to it after Brexit?

As talks with the EU resume to reach a last-ditch trade deal, the lawyer Louise Williamson looks at what UK import rules might look like after 1 January

Billionaire art collector Sheldon Solow's tax-exempt art foundation was infamously inaccessible—now his widow says she will open it to the public

The real estate developer died on Tuesday aged 92. His collection in New York has been parodied for being almost impossible to visit despite receiving tax breaks

New York state sues Sotheby's for allegedly helping collector evade tax on $27m of art

Auction house "vigorously refutes the unfounded allegations" made by the attorney general, who claims the auction house knowingly aided the offshore company Porsal Equities

Brazilnews

Inhotim cannot use works from its collection to pay off founder's debt, judge rules

The Brazilian arts park signed an agreement in 2016 to donate 20 works from its collection to the government in order to repay Bernardo Paz's $110m tax debt for laundering donations

Yves Bouvier evaded paying taxes on £276m of art sales, Swiss authorities claim

Switzerland's Federal Criminal Court ordered documents unsealed that call into question whether the dealer declared all profits from sales made to Dimitry Rybolovlev

Anna Brady. , with additional reporting by Vincent Noce

US coronavirus legislation could do more for the arts, Boston museums say

The coalition is asking for $6bn in federal aid, and to permanently expand the charitable giving deduction to encourage US taxpayers to donate to non-profits

Christie's settles $16.7m in tax claims with New York District Attorney

Manhattan prosecutors say the auction house failed to collect sales tax on $189m in private sales over five years

Taxnews

Demand for New York's first freeport facility steps up

Increasing numbers of dealers and collectors take advantage of tax-exempt Arcis, the foreign trade zone in Harlem

Director of Pinault Collection proposes controversial 90% tax breaks for Notre Dame donors

But Pinault family says it is not seeking tax relief for its €100m donation towards the reconstruction effort

Jean-Claude Juncker dismisses claims that freeports are ‘systematically used to commit fraud’

European Commission president rebuffs German MEP Wolf Klinz's demand for a proper investigation into the management of Le Freeport Luxembourg

Trump’s tax Act offers potential tax havens for art

‘Opportunity Zones’ present a new kind of tax-deferred exchange on high-value assets

Lawanalysis

Rule of law: Legal tips for art lovers

From new exhibitor regulations at Art Basel in Miami Beach to questions over insurance and taxes

Dealer Mary Boone pleads guilty to $1.6m in tax fraud

The art dealer will pay $3m in restitution to the IRS after falsifying returns to hide her use of gallery profits to upgrade her Manhattan home

Guy Wildenstein cleared of tax evasion for a second time in Paris

Franco-American scion of art dealing dynasty was accused of hiding art and other property worth hundreds of millions of euros from French authorities

Lawnews

Art consultant pleads guilty to filing false tax return

Lacy Doyle hid millions of dollars in inheritance in a Swiss bank account, US Attorney says

Taxnews

How the new US tax law affects the art world

President Trump today signed sweeping changes to the tax system that will impact wealthy individuals, art businesses and museums

Taxinterview

Will the US tax proposal sell out art buyers?

A proposed revision to the tax code could subject sellers to capital gains tax on art and slow the market

Interview by Alexandra Bregman

Public asked to photograph ‘secret collection’ of works stored in homes across the UK

Open Inheritance Art project aims to uncover items that should be publicly available through tax-relief arrangements

How the estate of Thailand’s missing ‘Silk King’ was among the winners of Reagan’s 1986 Tax Reform Act

The sweeping legislation cleared a hefty tax bill for the heirs of American businessman Jim Thompson, whose home and collection in Bangkok was turned into a public museum

Why should collectors get all the breaks?

Artists seek similar tax incentives for donating works to museums and auctions

Will California collectors take their secondary market business out of state?

Panel of federal judges say 5% resale royalty law can only apply to works sold within California

Lawnews

How to get on with artists, handle mergers and avoid lawsuits

Legal conference tackles issues facing US museums, from commissioning work to developing diversity

Taxarchive

Will Obama’s ‘middle-class economics’ hit inherited art?

Proposed tax reforms could make the rich feel less well-off—and less likely to spend on art

Lawsuitsarchive

Barbara Allbritton sues IRS for $40.6m tax refund

The collector is arguing that no transfer of ownership of her collection ever took place

Art marketarchive

French trade warns of VAT ‘disaster’

Warnings that the French government's proposed VAT hikes will undermine the country's standing in the global art market

Air of malaise at Paris fairs

A scheduling clash and an unfriendly tax environment slowed business at most fairs

Collectorsarchive

Californian collectors hit by tax rise

The rates for use tax and sales tax has increased to 7.5%

Would French tax hike hit Arnault’s Paris museum?

President Hollande plans to implement 75% tax rate on income above €1m a year

Collectorsarchive

Oslo collector Martin Schøyen sells 60 manuscripts

He blames Norway’s tax system for his decision

Collectorsarchive

The obsessions and follies of the charismatic Joost Ritman

The fate of esoteric books and illuminated manuscripts hangs in the balance

Art marketarchive

New books on art investment aim to capitalise on the emerging field

However, too much knowledge can be confusing... even when it is as well selected as this

Lawarchive

Artists should have same tax deductions as collectors when donating works of art

The Art Dealers Association of America is lobbying the government to change the law

April 2008archive

Anthony d’Offay deal with Tate and Scotland sets tax precedent for UK philanthropy

For his partial donation of £125m worth of art, the dealer received £26.5m—the price he originally paid for the collection—tax free

Collectorsarchive

Russian art collector could face seven years in prison

Vladimir Nekrasov has been charged with corporate tax evasion

Art marketarchive

Tax breaks fuel Korean sales

Buyers were active in recent auctions and three new art funds have been started

Turner seller might have done better with Tate

Why was The Dark Rigi sold privately, when a public sale would have given valuable tax breaks?

Lawarchive

New legislation could lead to the end of partial gifts to museums

Changes to US tax law could discourage collectors from giving

Tax squabble may force sale of €25m pre-Colombian art collection

Gift to Brussels museum is stalled by dispute between region and state

Museumsarchive

The National Gallery purchases Raphael’s Madonna of the pinks: What we know

The Raphael was bought by the National Gallery for £22 million in February 2004

Art crimearchive

Shell Company Lawsuit: Gagosian and Brant pay $10 million to Uncle Sam in unpaid taxes

The US lawsuit alleged they created a shell company to avoid paying dues

Collectorsarchive

Collectors in Washington State targeted in art tax enquiry

Agents are looking at art in museums to determine whether “use tax” was paid

Collector gets tax break for donating cylinder seals to university

Archaeologists say the artefacts are likely to have been smuggled out of Iraq

US sues Larry Gagosian seeking back income taxes on art sales

Taxman claims he and others created a shell company to avoid tax

Crime archive

Over 30 Manhattan art collectors have come forward voluntarily to pay $6 million in unpaid State sales tax on works of art

NY District Attorney promises amnesty for those who come forward while corporate executive Samuel Waksal enters a guilty plea for tax evasion

Museumsarchive

Senator investigates MoMA

The Federal Finance Committee aims to stop financial abuses at US museums

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