Preview

Tax

News
Brazil

Inhotim cannot use works from its collection to pay off founder's debt, judge rules

The Brazilian arts park signed an agreement in 2016 to donate 20 works from its collection to the government in order to repay Bernardo Paz's $110m tax debt for laundering donations

News
Art law

Yves Bouvier evaded paying taxes on £276m of art sales, Swiss authorities claim

Switzerland's Federal Criminal Court ordered documents unsealed that call into question whether the dealer declared all profits from sales made to Dimitry Rybolovlev

News
Economics

US coronavirus legislation could do more for the arts, Boston museums say

The coalition is asking for $6bn in federal aid, and to permanently expand the charitable giving deduction to encourage US taxpayers to donate to non-profits

News
Auction houses

Christie's settles $16.7m in tax claims with New York District Attorney

Manhattan prosecutors say the auction house failed to collect sales tax on $189m in private sales over five years

News
Tax

Demand for New York's first freeport facility steps up

Increasing numbers of dealers and collectors take advantage of tax-exempt Arcis, the foreign trade zone in Harlem

News
Cathedral of Notre Dame

Director of Pinault Collection proposes controversial 90% tax breaks for Notre Dame donors

But Pinault family says it is not seeking tax relief for its €100m donation towards the reconstruction effort

News
Art market

Jean-Claude Juncker dismisses claims that freeports are ‘systematically used to commit fraud’

European Commission president rebuffs German MEP Wolf Klinz's demand for a proper investigation into the management of Le Freeport Luxembourg

News
Art market

Trump’s tax Act offers potential tax havens for art

‘Opportunity Zones’ present a new kind of tax-deferred exchange on high-value assets

Analysis
Law

Rule of law: Legal tips for art lovers

From new exhibitor regulations at Art Basel in Miami Beach to questions over insurance and taxes

News
Art Basel in Miami Beach

The tax man cometh: new laws on sales tax pose problems for US art dealers

US Supreme Court decision is causing anxiety among dealers

News
Art market

Dealer Mary Boone pleads guilty to $1.6m in tax fraud

The art dealer will pay $3m in restitution to the IRS after falsifying returns to hide her use of gallery profits to upgrade her Manhattan home

News
Art market

Guy Wildenstein cleared of tax evasion for a second time in Paris

Franco-American scion of art dealing dynasty was accused of hiding art and other property worth hundreds of millions of euros from French authorities

News
Law

Art consultant pleads guilty to filing false tax return

Lacy Doyle hid millions of dollars in inheritance in a Swiss bank account, US Attorney says

News
Tax

How the new US tax law affects the art world

President Trump today signed sweeping changes to the tax system that will impact wealthy individuals, art businesses and museums

Interview
Tax

Will the US tax proposal sell out art buyers?

A proposed revision to the tax code could subject sellers to capital gains tax on art and slow the market

News

Public asked to photograph ‘secret collection’ of works stored in homes across the UK

Open Inheritance Art project aims to uncover items that should be publicly available through tax-relief arrangements

News

How the estate of Thailand’s missing ‘Silk King’ was among the winners of Reagan’s 1986 Tax Reform Act

The sweeping legislation cleared a hefty tax bill for the heirs of American businessman Jim Thompson, whose home and collection in Bangkok was turned into a public museum

Comment
Tax

How do you tell the difference between philanthropy and a tax write-off?

News
Economics

Why should collectors get all the breaks?

Artists seek similar tax incentives for donating works to museums and auctions

News
Economics

Will California collectors take their secondary market business out of state?

Panel of federal judges say 5% resale royalty law can only apply to works sold within California

News
Law

How to get on with artists, handle mergers and avoid lawsuits

Legal conference tackles issues facing US museums, from commissioning work to developing diversity

News
Art market

Art considered a depreciable asset in Japan

News
Art market

UK closes tax loophole after Reynolds legal case

Archive
Tax

Will Obama’s ‘middle-class economics’ hit inherited art?

Proposed tax reforms could make the rich feel less well-off—and less likely to spend on art

Archive
Lawsuits

Barbara Allbritton sues IRS for $40.6m tax refund

The collector is arguing that no transfer of ownership of her collection ever took place

Archive
Art market

French trade warns of VAT ‘disaster’

Warnings that the French government's proposed VAT hikes will undermine the country's standing in the global art market

Archive
Art dealers

Air of malaise at Paris fairs

A scheduling clash and an unfriendly tax environment slowed business at most fairs

Archive
Collectors

Californian collectors hit by tax rise

The rates for use tax and sales tax has increased to 7.5%

Archive
Bernard Arnault

Would French tax hike hit Arnault’s Paris museum?

President Hollande plans to implement 75% tax rate on income above €1m a year

Archive
Collectors

Oslo collector Martin Schøyen sells 60 manuscripts

He blames Norway’s tax system for his decision

Archive
Robert Rauschenberg

Taxman swoops on Rauschenberg’s “$65m eagle”

Canyon, 1959

Archive
Collectors

The obsessions and follies of the charismatic Joost Ritman

The fate of esoteric books and illuminated manuscripts hangs in the balance

Archive
Art market

New books on art investment aim to capitalise on the emerging field

However, too much knowledge can be confusing... even when it is as well selected as this

Archive
Exhibitions

New Museum show of trustee's collection is an insult to scholarship and curators

Private-collector museums

Archive
Ludwig Museum

Donating to Museum Ludwig's foundation is more profitable than giving to the museum directly

Foundation lures collectors

Archive
Law

Artists should have same tax deductions as collectors when donating works of art

The Art Dealers Association of America is lobbying the government to change the law

Archive
April 2008

Anthony d’Offay deal with Tate and Scotland sets tax precedent for UK philanthropy

For his partial donation of £125m worth of art, the dealer received £26.5m—the price he originally paid for the collection—tax free

Archive
Collectors

Russian art collector could face seven years in prison

Vladimir Nekrasov has been charged with corporate tax evasion

Archive
Collectors

New tax on asset gains for overseas investments could hit UK collectors

Rules change for non-domiciles

Archive
Art market

Tax breaks fuel Korean sales

Buyers were active in recent auctions and three new art funds have been started

Archive
J.M.W. Turner

Turner seller might have done better with Tate

Why was The Dark Rigi sold privately, when a public sale would have given valuable tax breaks?

Archive
Law

New legislation could lead to the end of partial gifts to museums

Changes to US tax law could discourage collectors from giving

Archive
Pre-Colombian

Tax squabble may force sale of €25m pre-Colombian art collection

Gift to Brussels museum is stalled by dispute between region and state

Archive
Museums

The National Gallery purchases Raphael’s Madonna of the pinks: What we know

The Raphael was bought by the National Gallery for £22 million in February 2004

Archive
Art crime

Shell Company Lawsuit: Gagosian and Brant pay $10 million to Uncle Sam in unpaid taxes

The US lawsuit alleged they created a shell company to avoid paying dues

Archive
Collectors

Collectors in Washington State targeted in art tax enquiry

Agents are looking at art in museums to determine whether “use tax” was paid

Archive
Antiquities & Archaeology

Collector gets tax break for donating cylinder seals to university

Archaeologists say the artefacts are likely to have been smuggled out of Iraq

Archive
Art market

Art buyers are coming forward to authorities to pay unpaid sales tax following the claim that many buyers have been evading sales tax on art

There have been no prosecutions, but some cases remain in litigation

Archive
Gagosian Gallery

US sues Larry Gagosian seeking back income taxes on art sales

Taxman claims he and others created a shell company to avoid tax

Archive
Art market

A report, produced by David Kusin, suggests that the European art market seems to be in decline compared to that of the US

Are taxes and regulations hamstringing Europe or does the US just spend more?

Archive
Crime

Over 30 Manhattan art collectors have come forward voluntarily to pay $6 million in unpaid State sales tax on works of art

NY District Attorney promises amnesty for those who come forward while corporate executive Samuel Waksal enters a guilty plea for tax evasion

Archive
Museums

Senator investigates MoMA

The Federal Finance Committee aims to stop financial abuses at US museums

Archive
Art market

With Sotheby's and Christie's allowed to hold sales in Paris for the first time, can Paris regain its lost place in the art market?

A new French revolution?

Archive
Donations

How to maximise your tax benefit when donating art to charity

in the US, give to get

Archive
Historic houses

Sutton Place, the Surrey estate owned by a succession of America art collectors, has appeared on the market

£25 million is asked for the Tudor manor once called home by John Paul Getty

Archive
Collectors

A famous collector sells up: punitive Spanish export laws induce me to sell, says Jaime Ortiz-Patiño

Golf is the new passion of millionaire who has sold Impressionists and French decorative art to the tune of $91.48 million since 1989

Archive
Art market

Belgian statistics reinforce British fears that EC policies will drive out the art trade

“VAT and droit de suite have destroyed the nation’s art market”

Archive
Art market

The UK art market: A £2.2 billion industry

Report from the British Art Market Federation shows the UK art market employs 50,000 people

Archive
May 1996

Where does charity stop and commerce begin at US museums?

A legal review of the regulations governing non-profit institutions

Archive
Sponsorship

Spanish to bring in laws that smooth the path for art sponsorship

Tax mandates pertaining to the acquisition of art will be eased for both donors and foundations

Archive
January 1993

New Czech tax law to encourage private sponsorship for the arts

Tax will now be deductible for donations, but will a 2% relief be enough to make funding art worthwhile?

Archive
Economics

Spain debates new legislation that attempts to induce sponsorship of the arts with tax cuts

If the law is passed, sponsors will be granted legal provisions so they might better circumvent obstacles that complicate art funding