Tag Archives: art-business

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

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