Monday, December 11, 2023

Offshore art purchaser to pay NY State $10.75 million

as settlement “for tax fraud in connection with over $50 million of artwork and other goods purchased in New York from prominent art institutions. The settlement is the latest in the Attorney General’s continuing investigation into the abuse of resale certificates in the purchase and sale of artwork.”

“Wealthy art collectors are not above the law,” said Attorney General Underwood. “Just like any other consumers buying items for personal use, art collectors must pay sales and use tax when making a purchase. They cannot skirt the rules and make law-abiding New York taxpayers foot the bill.”

The purchaser was offshore art purchaser Porsal Equities Ltd.

More here.


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