Sotheby’s to Pay $6.25 Million in Settlement Over Tax Fraud on High-Value Art Sales
(WNY News Now) – New York Attorney General Letitia James and Acting Commissioner Amanda Hiller secure $6.25 million from Sotheby’s for assisting clients in dodging taxes on millions in art purchases.NEW YORK – New York Attorney General Letitia James and Acting Commissioner for the New York State Department of Taxation and Finance (DTF) Amanda Hiller announced yesterday a $6.25 million settlement with Sotheby’s, Inc. (Sotheby’s) for using fraudulent methods to secure tax breaks for its clients on tens of millions of dollars of art purchases. A lawsuit brought by the Office of the Attorney General (OAG) revealed that Sotheby’s encouraged clients to fraudulently claim to be purchasing art for resale, allowing them to avoid paying sales tax on tens of millions of dollars of art they purchased ...