The auction house Sotheby's helped collectors avoid paying taxes, according to the New York Justice Department. Now, Sotheby's has agreed to pay approximately 6.3 million dollars, equivalent to over 68 million kronor, in a settlement.
According to the authorities, the auction house encouraged buyers to state that they purchased works that would be resold later. Such transactions can be tax-exempt, while works acquired for possession are taxable.
Collectors have thus avoided taxes of tens of millions of dollars from 2010 to 2020.
Sotheby's states in a statement that the auction house does not admit to any wrongdoing in connection with the settlement.
