NY Sales Tax Settlement Could Change Way Art World Do Business

Forbes | Janet Novack, Diana Wierbicki and Seth Cohen:

New York auctions, galleries and art fairs have long attracted collectors and dealers from around the globe. But a recent settlement between New York State and a leading global art dealer for failure to collect and remit New York sales tax has surprised many in the art world and raised worries that standard art sale procedures are under attack. Last month, Attorney General Eric T. Schneiderman announced New York State had reached a $4.28 million settlement with New York’s Gagosian Gallery and its California affiliate for noncompliance in two surprising areas… Read more

Image: New York Attorney General Eric Schneiderman (Photo by Eduardo Munoz Alvarez/Getty Images)