The New York Attorney General ramps up its investigation of Sotheby's accusing the auction house of helping more clients evade taxes:
According to court papers, on August 11, the attorney general asked Sotheby’s for “a list of 51 clients the stateproduce any New York resale certificatesThe original complaint focused on a single client that Sotheby’s allegedly helped evade taxes by filing paperwork giving him benefits legally reserved for dealers, and not private collectors.
In 2018, the attorney general’s office settled with the collector for $10.8 million in taxes, penalties, and damages under the New York False Claims Act, according to court papers., reported that the attorney general’s office “has uncovered evidence that a purported tax fraud scheme at Sotheby’s extended to a dozen clients of the international auction house.”customers who explicitly stated that the purchased art would hang on their own walls.”
The attorney general also cited other examples of alleged wrongdoing, Law360 reported, including that “the spouse of a Sotheby’s employee purchased a gift for her husband using a resale certificate.” He also noted that the court had received documents “indicating fraudulent use of resale certificates by at least 11 additionalLitigation over further discovery and the additional clients and audits will likely continue in the coming months.
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