How Art Collectors Can Stay Out Of Tax Trouble In New York

Forbes | Janet Novack, Diana Wierbicki and Seth Cohen:

Given that the art market is a multi-billion dollar industry and that so many of the world’s art sales and purchases take place in New York State (at record breaking prices), it is no wonder that cash-strapped state authorities are broadly searching for instances of tax evasion in the art world. We are seeing a tremendous increase in audits and investigations in this area and two recent settlements show the investigations are resulting in the payment of millions of dollars to the state.  With results this profitable, it is likely that NYS investigations of art transactions will continue… Read more

Image: New York Attorney General Eric Schneiderman is on the hunt for tax abuses in the art world. (Photo by Eduardo Munoz Alvarez/Getty Images)