February 14th, 2012

Late painter Cy Twombly and his American advisers allegedly evaded $38.8 million in Italian tax on approximately 40 paintings sold from 2005 to 2009. Although Twombly’s eldest son Alessandro was due to receive $150 million in cash via the Cy Twombly Foundation in New York, funds were seized and cannot be released until the legal battles clear [AO Newslink]

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