Friday, November 06, 2020

"Sotheby’s Sued by New York for Helping Client Avoid Taxes"

Bloomberg: "Sotheby’s allowed $27 million of art to be purchased tax-free by Porsal Equities ... even though the auction house knew the client wasn’t an art dealer but was instead a collector buying for his personal use, the state said in a lawsuit filed Friday. Only dealers planning to resell art qualify for exemptions to city and state sales tax, the state said."